Imagine that you lived in a society in which you were guaranteed a level of income sufficient to live at a basic level. What type of economy would your society have?
Select one:
a. Capitalist
b. Socialist
c. Both of the above
d. Neither of the above

Question

Imagine that you lived in a society in which you were guaranteed a level of income sufficient to live at a basic level. What type of economy would your society have?
Select one:
a. Capitalist
b. Socialist
c. Both of the above
d. Neither of the above

hugsnotughs · Answer

Do you know what a Capatalist and Socialist society is?

anonymous · Answer

not really i cant recall it can you explain them ? lol sorry

hugsnotughs · Answer

Capitalism is an economic system in which trade, industry, and the means of production are controlled by private owners with the goal of making profits in a market economy. Central characteristics of capitalism include capital accumulation, competitive markets and wage labor.

Socialism is a social and economic system characterised by social ownership of the means of production and co-operative management of the economy, as well as a political theory and movement that aims at the establishment of such a system.

Based on the informtion they gave you, and the information I gave you, which would it be?