In the Soviet Union, a factory would be owned by the government, and in the United States, a factory would most likely owned by

A. the government

B. a non-profit organization or charity

C. an individual or corporation

D. the state

Question

Zander Odonnell

History

17 January, 18:10

In the Soviet Union, a factory would be owned by the government, and in the United States, a factory would most likely owned by

A. the government

B. a non-profit organization or charity

C. an individual or corporation

D. the state

+5

Answers (1)

Know the Answer?

Brynlee Carter · Answer 1

Option C. an individual or corporation. This implies private ownership which is one of the main characteristics of a market system or capitalism.

The question is focused on the economic system that prevails in the Soviet Union and in the United States.

In a comunist country such as the Soviet Union the state most likely will own and control all resources: land, capital goods (including technology) and labor (work).

In contrast, in a capitalist country such as the United States the economic system is characterized by private land ownership. Capitalism is also known as a market system. This type of economic system promotes competitive markets which encourage private ownership of business in the quest to generate profits.

In the Soviet Union, a factory would be owned by the government, and in the United States, a factory would most likely owned byA. the governmentB. a non-profit organization or charityC. an individual or corporationD. the state

In the Soviet Union, a factory would be owned by the government, and in the United States, a factory would most likely owned by

A. the government

B. a non-profit organization or charity

C. an individual or corporation

D. the state