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Private ownership of the means of production is a feature of a _______ economy.
dual
mixed
socialist
capitalist
- Dual Economy: Combines two distinct types of economies, such as a modern industrial sector and a traditional agricultural sector. It does not specifically emphasize private ownership of the means of production.
- Mixed Economy: Features both private and public ownership of the means of production. It combines elements of capitalism and socialism to achieve economic balance and meet social welfare goals.
- Socialist Economy: Focuses on public or collective ownership of the means of production. The state often plays a significant role in the management and distribution of resources.
- Capitalist Economy: Emphasizes private ownership of the means of production. Individuals and corporations own and control resources and businesses, aiming for profit in a competitive market.
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