UK A-Levels Politics Practice Exam

Which concept involves holding assets as common property rather than in individual names?

1. Capitalism

2. Welfarism

3. Common ownership

4. Free enterprise

The correct answer is: Common ownership

The concept of common ownership refers to a system where assets and resources are collectively owned by a community or the government rather than by individuals. This approach emphasizes the idea that all members of the community share in the benefits and responsibilities associated with those assets. Common ownership is often associated with socialist ideologies, where the intention is to prevent the concentration of wealth and promote equality among individuals. In contrast to common ownership, capitalism focuses on private ownership and individual rights to property, which can lead to wealth accumulation by individuals or corporations. Welfarism, while concerned with ensuring that social welfare needs are met, does not necessarily imply collective ownership of assets. Free enterprise promotes individual initiative and private ownership, emphasizing competition and market freedom rather than communal ownership. Therefore, common ownership is the correct concept that captures the essence of shared assets among a community.