Which system asserts that the state would own land, capital, labor and make all economic decisions?

Which system asserts that the state would own land, capital, labor and make all economic decisions?

• A. Capitalism
• B. Socialism
• C. Anarchy
• D. Communism

Answer: (D)

The main idea here is who controls land, factories, and the workers, and who decides what to produce and how resources are allocated. In a system where the state owns land, capital, and labor and makes all economic decisions, that describes Communism. It envisions no private ownership of productive resources and centralized planning to meet people’s needs. Capitalism centers on private ownership and market-driven decisions by individuals and businesses. Socialism involves substantial government involvement and public ownership in some sectors, but not necessarily complete state ownership of all resources. Anarchy means there’s no formal government to organize economic life. So, the description fits Communism.

The main idea here is who controls land, factories, and the workers, and who decides what to produce and how resources are allocated. In a system where the state owns land, capital, and labor and makes all economic decisions, that describes Communism. It envisions no private ownership of productive resources and centralized planning to meet people’s needs. Capitalism centers on private ownership and market-driven decisions by individuals and businesses. Socialism involves substantial government involvement and public ownership in some sectors, but not necessarily complete state ownership of all resources. Anarchy means there’s no formal government to organize economic life. So, the description fits Communism.