3.5.2 - Types of Economic Systems
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Practice Questions
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What is capitalism?
💡 Hint: Think of a system that prioritizes individual ownership.
Define socialism.
💡 Hint: Consider a system that aims for equality.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What type of economic system is characterized by private ownership?
💡 Hint: Think of free markets.
True or False: Mixed economies only have government ownership.
💡 Hint: Remember what mixture means.
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Challenge Problems
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Evaluate the effectiveness of capitalism in fostering innovation compared to socialism. Provide real-world examples.
💡 Hint: Consider the presence of competition in capitalism.
Propose solutions to mitigate the barriers to development in a country suffering from political instability.
💡 Hint: Think of what could create a stable environment.
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