ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Social norms are the unwritten rules of beliefs, attitudes, and behaviors that are considered acceptable in a particular social group or culture. Norms provide us with an expected idea of how to behave, and function to provide order and predictability in society.

Detailed explanation-2: -Incentive. Something that encourages or motivates a person to take action.

Detailed explanation-3: -Profit Motive-is the force that encourages people and organizations to improve their material well being from economic activities.

Detailed explanation-4: -Capitalism is the only politico-economic system based on the doctrine of individual rights. This means that capitalism recognizes that each and every person is the owner of his own life, and has the right to live his life in any manner he chooses as long as he does not violate the rights of others.