In which economic system is distribution done according to the principle ‘from each person according to his needs and ability’.a. Communismb. Capitalismc. Socialismd. Oligarchy.
Question
In which economic system is distribution done according to the principle ‘from each person according to his needs and ability’.a. Communismb. Capitalismc. Socialismd. Oligarchy.
Solution
The economic system in which distribution is done according to the principle 'from each person according to his needs and ability' is Communism.
Here's a step-by-step explanation:
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In a communist system, the government owns all the means of production and there is no private ownership of property.
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The principle 'from each person according to his needs and ability' is a slogan popularly associated with communism. It means that in a communist society, each person should contribute to the society as much as they can and receive from the society according to their needs.
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This principle is used to ensure that wealth and resources are distributed equally among all members of the society, regardless of their individual contribution.
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Therefore, the answer is a. Communism.
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