Match the following.

List-I (Economic Systems) List-II (Features)

a. Traditional economy 1. Produces only those goods and services, which are required for the survival or which they want to consume

b. Capitalism 2. The freedom of occupation is absent or restricted

c. Socialism 3. Consumers have complete freedom of choice of consumption

d. Mixed economy 4. The private sector operates primarily with a profit motive and public sector seeks to achieve social welfare

A) a-3, b-1, c-4, d-2 B) a-1, b-4, c-3, d-2 C) a-1, b-3, c-2, d-4 D) a-3, b-2, c-4, d-1

Answer & Solution

Correct Answer: Option C

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List-I (Economic Systems)	List-II (Features)
a. Traditional economy	1. Produces only those goods and services, which are required for the survival or which they want to consume
b. Capitalism	2. The freedom of occupation is absent or restricted
c. Socialism	3. Consumers have complete freedom of choice of consumption
d. Mixed economy	4. The private sector operates primarily with a profit motive and public sector seeks to achieve social welfare