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Capitalism stresses the philosophy of individualism believing in private Ownership comes under ____.
  • a)
    legal planning
  • b)
    soviet planning
  • c)
    government planning
  • d)
    agricultural planning
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Capitalism stresses the philosophy of individualism believing in priva...
The correct answer is option 'A) legal planning'.

Explanation:
1. Introduction to capitalism:
- Capitalism is an economic system that emphasizes the principles of individualism and private ownership of resources and means of production.
- It is characterized by free markets, competition, profit motive, and limited government intervention.

2. Philosophy of individualism in capitalism:
- Individualism is a key aspect of capitalism and is based on the belief that individuals are free to pursue their own self-interests and economic goals.
- It promotes personal freedom, self-reliance, and voluntary cooperation.
- Individuals are seen as autonomous decision-makers with the right to own and control property.

3. Private ownership in capitalism:
- Private ownership is a fundamental principle of capitalism.
- It means that individuals have the right to own and control property, including land, capital goods, and businesses.
- Private ownership incentivizes individuals to maximize their own interests and encourages efficiency and innovation.

4. Role of legal planning:
- Legal planning refers to the establishment of laws and regulations that govern the functioning of an economic system.
- In capitalism, legal planning is necessary to ensure the protection of private property rights and the enforcement of contracts.
- It provides a framework within which individuals can engage in economic activities and exchange goods and services.

5. Government planning, Soviet planning, and agricultural planning:
- Government planning, also known as central planning, is a characteristic of socialist or communist systems where the government controls the allocation of resources and production decisions.
- Soviet planning specifically refers to the economic planning system used in the former Soviet Union, which was based on central control and state ownership of resources and means of production.
- Agricultural planning refers to the planning and organization of agricultural activities, which may or may not be related to capitalism.

6. Conclusion:
- In capitalism, individualism and private ownership are stressed, and legal planning is necessary to protect and enforce these principles.
- It provides the legal framework for individuals to own and control property, engage in economic activities, and pursue their self-interests.
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Capitalism stresses the philosophy of individualism believing in priva...
Legal planning
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Capitalism stresses the philosophy of individualism believing in private Ownership comes under ____.a)legal planningb)soviet planningc)government planningd)agricultural planningCorrect answer is option 'A'. Can you explain this answer?
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