Democratic capitalism means that________________?
Correct answer: B. the economy is regulated through legislation and taxation
- A. all property belongs to the government
- B. the economy is regulated through legislation and taxation
- C. losers totally destroyed
- D. the individual is free to do anything as long as he/she has money
Explanation
Democratic capitalism combines private ownership and markets with democratic government that influences the economy through laws, regulation and taxation. It does not mean government owns all property or that wealth permits unlimited conduct.
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Government revenue and expenditure are analysed through taxation, public borrowing, budgets, subsidies, transfers and public debt. The topic explains how fiscal policy affects resource allocation, income distribution, economic stability and growth, while distinguishing direct from indirect taxes, progressive from regressive taxation, and public goods from goods supplied by private markets.
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