Consumers have a choice in the market place.
Wages can be negotiated between workers and employers.
The government owns and operates the major national operations.
The means of production are owned by the government.
Decisions about prices are made in the market place.
There is greater ownership of the factors of production by the government than by the private sector.
Consumers are free to make their choices in the market place.
Private sector members are encouraged to remain in business because of the opportunity to make a profit.
I and ii
i, ii and iv
i and iii
Ii, iii and iv
A joint-stock company
I and iii only
Ii an iv only
i, ii and iii only
Ii, iii and iv only
Contributes not less than three-quarters of the share capital of the business
Sleeps on the premises as a watchman and is paid a salary
Takes no active part in the affairs of the business but shares in its profits
Undertakes the task of implementing the policy decisions of the partnership