Economics > AQA Questions and Marking Scheme > Economics and Statistics>Exam>ECON 205 Final Exam| ANSWERS 100% CORRECT (All)
Economics and Statistics>Exam>ECON 205 Final Exam| ANSWERS 100% CORRECT
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1. What is distinctive of capitalism as an economic system? Production: privately owned Distribution: voluntary exchange Commodification: strong private property rights, extension of ma... rkets Regulation: minimal regulation 2. What is distinctive of socialism as an economic system? Production: collectively owned Distribution: distributed according to non-market standards Commodification: worry about “over commodification” Regulation: more regulation 3. What is distinctive of Market Socialism/Basic Income Capitalism? Market socialism – socialist equality and socialist community combined with markets Basic income capitalism – stakeholder proposal (everyone starts with some form of equal income) and negative incom [Show More]
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