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In a socialist economy, the basic force of economic activity is profit. This statement is—
- a)Correct
- b)Incorrect
- c)Partially correct
- d)None of these
Correct answer is option 'B'. Can you explain this answer?
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In a socialist economy, the basic force of economic activity is profit...
In socialist economy, the basic force of economic activity is profit.
► This statement is incorrect.
The motive is the welfare of the people. In this system, the means of production and distribution is controlled by the government. The economy is centrally planned by the government so that the useful goods are produced with the objective to look after the needs of the poor section of the society as well.
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In a socialist economy, the basic force of economic activity is profit...
Incorrect
Explanation:
In a socialist economy, the basic force of economic activity is not profit. Socialism aims to prioritize the welfare of the society as a whole rather than just the interests of a few individuals or corporations. Therefore, the basic force of economic activity in a socialist economy is meeting the needs of the society and ensuring equitable distribution of resources and wealth. Profit is not the primary motive in a socialist economy as the means of production are owned and controlled by the state or the community. Rather, the focus is on providing basic necessities such as healthcare, education, and housing to all members of the society.
Explanation:
In a socialist economy, the basic force of economic activity is not profit. Socialism aims to prioritize the welfare of the society as a whole rather than just the interests of a few individuals or corporations. Therefore, the basic force of economic activity in a socialist economy is meeting the needs of the society and ensuring equitable distribution of resources and wealth. Profit is not the primary motive in a socialist economy as the means of production are owned and controlled by the state or the community. Rather, the focus is on providing basic necessities such as healthcare, education, and housing to all members of the society.
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In a socialist economy, the basic force of economic activity is profit...
In socialist economy everything is planned by government so as govt always plan for welfare of people rather than profit .The given statement is incorrect.
capitalist economy always aims for profits and socialistic economy plans for welfare of society
capitalist economy always aims for profits and socialistic economy plans for welfare of society
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In a socialist economy, the basic force of economic activity is profit. This statement is—a)Correctb)Incorrectc)Partially correctd)None of theseCorrect answer is option 'B'. Can you explain this answer?
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