BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Right to private property.
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Freedom of economic choice.
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Collective ownership
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Consumer Sovereignty
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Detailed explanation-1: -In Capitalism, the country’s trade and industry are controlled by private owners for profit, rather than by the state. Thus, Option 2 is not a characteristic of Capitalism.
Detailed explanation-2: -The state or the government does not interfere in the price decision.
Detailed explanation-3: -Capitalism has many unique features, some of which include a two-class system, private ownership, a profit motive, minimal government intervention, and competition.
Detailed explanation-4: -The main characteristic of a capitalist economy is the motive of earning profit. The capitalist economy is also characterised by the presence of free markets and lack of participation by the government in regulating the business.
Detailed explanation-5: -China adopted the socialist form of economy for its development.