An Economic System in Which All or Most of the Means

question 55

Multiple Choice

An economic system in which all or most of the means of production are owned by the community as a whole is called _______________.

• A) socialism
• B) capitalism
• C) welfare state
• D) democracy
• E) communism

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Definitions:

Peanuts

Edible legumes or seeds enclosed in a hard shell, often consumed as a snack, used in cooking, or processed for oil.

Protein

Organic molecules made up of amino acids that are essential for many processes in living organisms, including catalysis of metabolic reactions and DNA replication.

Generalization

The process of formulating general concepts by abstracting common properties of specific instances, thus allowing for broader applications or interpretations.

Businesses

Organizations engaged in commercial, industrial, or professional activities aimed at generating profits.