In a centrally planned economy the factor of production_____ • Central
Right Answer is: B
• Centrally Planned Economy- In this type of economy social justice is accorded higher priority than profit maximization. The factor of
production are owned by the govt and the welfare of the people is the prime concern.
• Mixed Economy- In this type of economy both public & private enterprises co-exists.
• Capitalist Economy- In this type of economy, capital goods are owned by private individuals. Three main features of the capitalist economies are Prices, Profit and Property rights.
• Private Economy- In this type of economy investment & ownership in the means of production and distribution are mainly depends upon private sector.