Both Socialism and Communism Are Variations Of

question 263

Multiple Choice

Both socialism and communism are variations of:

• A)Command economies.
• B)Competitive economies.
• C)Free-market economies.
• D)Plutocratic systems.

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Definitions:

Spending

Engaging in transactions to acquire goods or services by spending money.

Income

Earnings accrued from work or investment sources on a consistent basis.

Goods

Physical items that satisfy human wants or needs, which can be bought, sold, or traded.

Maximizing Utility

The process or goal of obtaining the highest level of satisfaction or benefit from the consumption of goods and services, given constraints like income.