Q. 175.0( 1 Vote )
Study the followi
The capitalist model of development is characterised by provision of private ownership of property and means of production, minimum state control on economic enterprises, and a free economy regulated by competition.
ii. The main features of socialist model are:
a) Public Ownership
b) Planned Economy
c) Classes of Society
d) State is responsible for basic necessities of life
e) Equal Opportunity to all
f) Non-existence of competition and limited choice of consumer products
g) Pricing Mechanism
iii. a) It brings about the fear of nationalization.
b) It can lead to higher taxes.
c) It could risk the government to go too far.
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