Which Economic System Is Characterized by Private Ownership of the Means

question 4

Multiple Choice

Which economic system is characterized by private ownership of the means of production, the pursuit of profit, and market competition?

• A) Socialism
• B) Capitalism
• C) Democratic socialism
• D) Industrialism
• E) Postindustrialism

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Definitions:

Unearned Income

Refers to money received that does not come from employment, work, or business activities, such as dividends, interest, or government benefits.

Medical Deduction

An itemized deduction on personal income taxes for expenses related to healthcare beyond a certain percentage of adjusted gross income.

Adjusted Gross Income

Adjusted Gross Income (AGI) refers to an individual's total gross income minus specific deductions, used to determine taxable income on an income tax return.

Medical Expenses

Costs for healthcare services that can include but are not limited to, treatments, diagnostics, and medications.