A classless society and economic system where all the factors of production are owned by workers and people share production according to their needs describes:
A) capitalism.
B) communism.
C) the invisible hand.
D) a mixed economy.

Question

Quizplus · Accepted Answer

The description given is of communism, which aims to eliminate social classes and create a society where everyone has equal access to resources and opportunities. In communism, the means of production are owned collectively by the people, rather than by a small group of capitalists or private owners. Production is distributed based on need, rather than on market forces, which is a fundamental difference from capitalism. The concept of the invisible hand refers to the self-regulating nature of the market in capitalism, and a mixed economy refers to an economic system that incorporates elements of both capitalism and socialism.

A Classless Society and Economic System Where All the Factors