GK
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: -The state or the government does not interfere in the price decision.
Detailed explanation-2: -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-3: -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-4: -China adopted the socialist form of economy for its development.
Detailed explanation-5: -That’s wealth. There are three elements to the argument for capitalism, and while they connect in crucial ways they can be separately defined. Those three elements are (a) division of labor; (b) impersonal exchange based on prices; and (c) economies of scale based on knowledge.