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Which of the following is not a feature of capitalism?
1. Limited role of the government in economic activities.
2. Freedom of competition
3. Efficiency, innovation and creativity
4. Classless society
  • a)
    2 and 3
  • b)
    1 and 4
  • c)
    0nly 3
  • d)
    Only 4 
Correct answer is option 'D'. Can you explain this answer?
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Which of the following is not a feature of capitalism?1. Limited role ...
Achieving a classless society is a feature of command economy. 
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Which of the following is not a feature of capitalism?1. Limited role ...
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. It is characterized by features such as limited role of the government in economic activities, freedom of competition, efficiency, innovation, and creativity. However, a classless society is not a feature of capitalism as it is characterized by a hierarchical social structure based on income and wealth.

Features of Capitalism:

1. Limited role of the government in economic activities: In a capitalist economy, the government's role is limited to providing a legal framework, protecting property rights, and enforcing contracts. The government does not intervene in economic activities such as production, distribution, and pricing.

2. Freedom of competition: Capitalism is characterized by the freedom of competition, which means that businesses are free to operate in a competitive market, and consumers have the freedom to choose the products and services they want to buy.

3. Efficiency, innovation, and creativity: Capitalism encourages efficiency, innovation, and creativity as businesses compete to produce goods and services that are better and cheaper than their competitors. This competition drives innovation and efficiency, leading to economic growth and development.

4. Private ownership of the means of production: In a capitalist economy, the means of production are owned and controlled by private individuals or businesses. This includes land, factories, and other resources used to produce goods and services.

Conclusion:

In conclusion, a classless society is not a feature of capitalism, as it is characterized by income and wealth inequality. Capitalism is an economic system based on the private ownership of the means of production, limited role of the government in economic activities, freedom of competition, and efficiency, innovation, and creativity.
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Which of the following is not a feature of capitalism?1. Limited role ...
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Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer?
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Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is not a feature of capitalism?1. Limited role of the government in economic activities.2. Freedom of competition3. Efficiency, innovation and creativity4. Classless societya)2 and 3b)1 and 4c)0nly 3d)Only 4Correct answer is option 'D'. Can you explain this answer?.
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