WAEC Economics 2011 Objective — Question 3
Question 3 of 50 from the West African Examinations Council (WAEC) Economics 2011 Objective paper, with the correct answer and a full explanation.
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In which of the following economic systems do we have mostly private ownership of resources and individual decision making?
- A. A. Capitalist systemCorrect
- B. B. Socialist system
- C. C. Mixed system
- D. D. Traditional system
Explanation
A capitalist economy is the one in which the ownership and control of means of production are dominated by private individuals.
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