Which of the following is a major distinguishing feature between capitalist and socialist (or command) economies?

Question

Quizplus · Accepted Answer

The major distinguishing feature between capitalist and socialist (or command) economies is the decentralization (or centralization) of decision making. In capitalist economies, decision making is typically decentralized while it is centralized in socialist (or command) economies. Option A is incorrect as the wealth of the average citizen is not necessarily always greater under capitalism. Option B is incorrect as decision making is actually decentralized in socialist economies. Option C is incorrect as resources are privately owned in capitalist economies, not publicly owned.

Which of the Following Is a Major Distinguishing Feature Between