GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In a market economy, is also called as ____, only those consumer goods will be produced that are in Demand.
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Capitalism
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Socialism
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Both A and B
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None of these above
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Explanation:
Detailed explanation-1: -The correct answer is capitalism.
Detailed explanation-2: -While capitalism refers more to the production of wealth, the term free market dwells more on the exchange of wealth in various methods. Capital is an essential basic element for both capitalism and free market economies. However, free competition is not an essential element of capitalism but of ‘free markets’.
Detailed explanation-3: -capitalism, also called free market economy or free enterprise economy, economic system, dominant in the Western world since the breakup of feudalism, in which most means of production are privately owned and production is guided and income distributed largely through the operation of markets.
There is 1 question to complete.