Economic system based on the characteristics listed in the table would give us
What is capitalism?
Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit.
Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, and wage labor.
In a capitalist market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets.
What is socialism?
Socialism is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Socialism is a left-wing political, social, and economic philosophy encompassing a range of economic and social systems characterized by social ownership.
Social ownership can be public, collective, or cooperative. While no single definition encapsulates the many types of socialism, social ownership is the one common element.
Socialist systems are divided into non-market and market forms. Non-market socialism substitutes factor markets and often money with integrated economic planning and engineering or technical criteria based on calculation performed in-kind, thereby producing a different economic mechanism that functions according to different economic laws and dynamics than those of capitalism.
Hence, the above options are in correct order
To learn more about Socialism here,
https://brainly.com/question/494320
#SPJ2
