Political Science · Political Theory
UGC NET October 2020 Political Science
The two primary economic systems used to understand the world and the way economies work are
AMarxism and Socialism
BCapitalism and Socialism ✓ Correct
CCommunism and Socialism
DFascism and Anarchism
Answer: B
Explanation
★The two primary economic systems used to understand how economies work are capitalism and socialism.
★In capitalism, private individuals and firms own and run resources, and markets of supply and demand set prices and distribution.
★In socialism, the public or the state controls the major means of production and the distribution of goods.
★These two form the basic contrast through which most economic systems are analysed.
★The other pairings, such as communism and socialism or fascism and anarchism, do not capture this primary divide.
★So capitalism and socialism is the correct answer.
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