capitalism is also called a
a. command economy
b. welfare state
c. free enterprise system
a
No -- need to rethink this one. Look up each term.
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Capitalism is actually referred to as a "free enterprise system" (option c). To answer this type of question, it's important to have a basic understanding of the terms and concepts associated with different economic systems. Here's a breakdown of the options provided:
a. Command Economy: This term refers to an economic system in which the government has complete control over the production, distribution, and pricing of goods and services. It is the opposite of capitalism, where decisions are made by private individuals and businesses based on supply and demand.
b. Welfare State: This term refers to a system in which the government provides social welfare programs, such as healthcare, education, and unemployment benefits, to ensure the well-being of its citizens. While capitalism can coexist with a welfare state, they are not synonymous.
c. Free Enterprise System: This is the correct answer. A free enterprise system, also known as capitalism, is an economic system characterized by private ownership of property and businesses, voluntary exchange of goods and services in markets, and competition. Under this system, individuals and businesses are free to make economic decisions based on their own self-interest.
So, the correct answer is c. Free enterprise system.