Question

type of economic system
property rights: yes | none to extremely limited | no
incentives: yes | none to extremely limited | no
economic freedom: yes | no | no
competition: yes | no | no
role of government: limited | large | theoretically none, but in practice, large
determinant of allocation of most resources: preferences and prices | government | theoretically everyone, but in practice, the government

socialism
communism
capitalism

Explanation:

Analyze column characteristics

• Column 1: Has private property rights, incentives, economic freedom, competition, limited government, and resource allocation by preferences/prices.
• Column 2: Has extremely limited property rights/incentives, no economic freedom/competition, large government role, and resource allocation by government.
• Column 3: Has no property rights/incentives/freedom/competition, theoretically no government but in practice large, and resource allocation theoretically by everyone but in practice by government.

Match systems to columns

• Column 1 matches Capitalism (Market Economy).
• Column 2 matches Socialism.
• Column 3 matches Communism.

Answer:

The three columns in the table, from left to right, represent the following economic systems:

1. Capitalism (Column 1)
2. Socialism (Column 2)
3. Communism (Column 3)