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Q. |
Which of the following is not a feat tare of a capitalist economy? |
A. | Right to private property |
B. | Existence of competition |
C. | Service motive |
D. | Freedom of choice to consumers |
Answer» C. Service motive | |
Explanation: Capitalism is an economic system in which each individual in his capacity as a consumer, producer, and resource owner is engaged in economic activity with a large measure of economic freedom. The inspiring force in this system is self-interest and maximization of profit. The decisions of businessmen, farmers, producers, including that of wage-earners are based on the profit motive. |
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