To determine the classification of the economic systems based on their characteristics, we need to analyze the given table and match each set of characteristics with the appropriate economic system. Let's break down the key attributes for each system and match them accordingly:
### 1. Capitalism
- Property Rights: yes
- Incentives: yes
- Economic Freedom: yes
- Competition: yes
- Role of Government: limited
- Determinant of Allocation of Most Resources: preferences and prices
These characteristics are indicative of a Capitalist economic system where private ownership and market mechanisms dominate. Thus, the first system to identify is Capitalism, corresponding to the first column.
### 2. Socialism
- Property Rights: none to extremely limited
- Incentives: none to extremely limited
- Economic Freedom: no
- Competition: no
- Role of Government: large
- Determinant of Allocation of Most Resources: government
These characteristics define a Socialist economic system, where government control is prevalent, and private ownership is minimal. Thus, the second system to identify is Socialism, corresponding to the second column.
### 3. Communism
- Property Rights: no
- Incentives: no
- Economic Freedom: no
- Competition: no
- Role of Government: theoretically none, but in practice, large
- Determinant of Allocation of Most Resources: theoretically everyone, but in practice, the government
These characteristics are indicative of a Communist economic system where ideally the community holds the resources, although practically the government exercises control. Thus, the third system to identify is Communism, corresponding to the third column.
Given this analysis, the correct classification of the economic systems based on their characteristics is:
1. Capitalism
2. Socialism
3. Communism
So in summary:
- The first column represents Capitalism.
- The second column represents Socialism.
- The third column represents Communism.
Therefore, the corresponding answer is:
1. Capitalism
2. Socialism
3. Communism
