Question

1. what system is described below?people can own private property, but businesses are collectively owned by the people and the government plans production. the goal is to distribute income more fairly but not necessarily equally. another goal is to ensure that everyone has a good standard of living by providing many social services. people are compensated according to how much they contribute.mixed marketcapitalismsocialism20. a disadvantage of this system isthere is less creativity and effort because people are not rewarded by being able to own businesses and keep profits.businesses tend to become very powerful and take advantage of workers and consumers.21. what system is described below?individual people can own property and businesses and keep the profits. the government has little or no role. people make decisions about what and how much to produce, and they base their decisions on what other people are willing to buy.mixed marketcommunismcapitalism22. what system is described below?individual people can own property and businesses and keep most of the profits except for what they pay in taxes. the government plays a role in regulating business in order to make sure businesses are operating fairly. the government uses tax revenue to provide some social services.socialismmixed marketcapitalism

Explanation:

1. The system described allows private property but collective business ownership, government production planning, and compensation based on contribution, which aligns with socialism.
2. For the socialist system from question 19, a key disadvantage is reduced incentive (creativity/effort) since individuals can't own businesses or keep profits.
3. This system features full private ownership of property/businesses, minimal government role, and production based on consumer demand, which defines capitalism.
4. This system has private ownership with most profit retention, government regulation for fairness, and tax-funded social services, which is a mixed market system.

Answer:

1. socialism
2. there is less creativity and effort because people are not rewarded by being able to own businesses and keep profits.
3. capitalism
4. mixed market