Question

The next nine questions will require you to fill in the boxes on the Table of Economic Systems. The headings across the top of the table are:
                            BASIC                        OWNERSHIP                METHOD OF ALLOCATION
                        PREMISE                      OF PROPERTY                OF SCARCE RESOURCES                  

The headings down the
side of the table are:

CAPITALISM

SOCIALISM

COMMUNISM

So your first answer will be to fill in the BASIC PREMISE of CAPITALISM, your next answer will be OWNERSHIP OF PROPERTY in CAPITALISM and your next answer will be METHOD OF ALLOCATION OF RESOURCES in CAPITALISM. After that you will do the same for SOCIALISM and COMMUNISM.

QUESTION 34

Now you will fill in the OWNERSHIP OF PROPERTY in CAPITALISM.

QUESTION 35

Now you will fill in the METHOD OF ALLOCATION OF SCARCE RESOURCES in CAPITALISM.

QUESTION 36

Now you will fill in the BASIC PREMISE of SOCIALISM.

QUESTION 37

Now you will fill in OWNERSHIP OF PROPERTY in SOCIALISM.

QUESTION 38

Now you will fill in the METHOD OF ALLOCATION OF SCARCE RESOURCES in SOCIALISM.

QUESTION 39

Now you will fill in the BASIC PREMISE of COMMUNISM.

QUESTION 40

Now you will fill in the OWNERSHIP OF PROPERTY in COMMUNISM.

QUESTION 41

Next you will fill in the METHOD OF ALLOCATION OF SCARCE RESOURCES in COMMUNISM. You should now have done all nine answers

Answer 1

34) Ownership of porperty in captialism is that where the property will be in hands of private people where the incentives to maximize value were all taken by the private owners . In these other people who are not owners of that property have no right to use

37) In Socialism the ownership of property is in the hands of society whrere the property generated revenue through production will not be in the hands of few people.

35) In Capitalism resources are allocated to the private owners who are having factors of production which will help to them earn profits and they will pay wages. Resources are allocated on the basis of the person with the large factoirs of production will get higher.

36) The Baisc premise of socilaism is to have a classless society where government have full control of production , services and economy which will lead them to a better position with no competition in the people.

39)In communism there is a classless society where everyone are equal and everything should be distibuted equally between the people.

40) The ownership of property will not be in any hands as the community of people living in that place have equall rights on property as it is all about equallity among people.