Economics Quiz

Posted by Allcbts Ola · 15th Jun 2026, 11:00 AM · 53 views

In which economic system do we have mostly private ownership?
A. Socialist
B. Capitalist
C. Mixed economy
D. Command economy

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By Allcbts Ola · 15th Jun 2026, 11:01 AM

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Jaiyeola Ayomide · 15th Jun 2026, 5:02 PM

The correct answer is B. Capitalist.

Jaiyeola Ayomide · 15th Jun 2026, 5:03 PM

A Capitalist economic system (also known as a free market economy) is driven by the principle of private ownership. This means that individuals and private businesses—rather than the government—own and control the factors of production, such as land, factories, machinery, and businesses.

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