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Consider the following statements ‘Capitalist economies’:
1. In the capitalist economies of the time, all the basic goods and services were part of the market mechanism, i.e., being produced and supplied by the private sector.
2. Almost everything required by the people was supplied by private enterprises via the market.
3. It strengthens the purchasing power of the masses.
Which of these statements is/are correct?
- a)1 and 2 Only
- b)2 and 3 Only
- c)1 and 3 Only
- d)All of the above
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements ‘Capitalist economies’:1. In the ca...
- In the capitalist economies of the time, all the basic goods and services were part of the market mechanism, i.e., being produced and supplied by the private sector.
- It meant that almost everything the people required was supplied by the private enterprises via the market which was ultimately an un-dimensional movement of money and wealth (from the mass of people to the few who controlled the production and supply chain) and the masses were going through the process of pauperization every day, thereby weakening their purchasing power.
Community Answer
Consider the following statements ‘Capitalist economies’:1. In the ca...
To answer this question, let's analyze each statement individually:
1. In the capitalist economies of the time, all the basic goods and services were part of the market mechanism, i.e., being produced and supplied by the private sector.
This statement is correct. In a capitalist economy, the production and distribution of goods and services are primarily driven by private enterprises operating within a market system. The private sector owns the means of production and is responsible for supplying the basic goods and services required by the people.
2. Almost everything required by the people was supplied by private enterprises via the market.
This statement is also correct. In a capitalist economy, private enterprises aim to cater to the demands and needs of the consumers. They produce and supply a wide range of goods and services to meet the requirements of the people. Through the market mechanism, consumers have the freedom to choose from various options available to them, and private enterprises compete to attract consumers by providing better products or services.
3. It strengthens the purchasing power of the masses.
This statement is incorrect. While capitalism does provide opportunities for economic growth and prosperity, it does not automatically guarantee an increase in the purchasing power of the masses. In a capitalist system, the distribution of wealth and income is often unequal, with some individuals or groups accumulating significant wealth while others struggle to meet their basic needs. This inequality can lead to a concentration of power and resources in the hands of a few, limiting the purchasing power of the majority.
In conclusion, the correct statements are 1 and 2 only. In capitalist economies, basic goods and services are produced and supplied by the private sector, and private enterprises play a crucial role in meeting the requirements of the people through the market mechanism. However, it is important to note that capitalism does not automatically strengthen the purchasing power of the masses and can lead to income inequality.
1. In the capitalist economies of the time, all the basic goods and services were part of the market mechanism, i.e., being produced and supplied by the private sector.
This statement is correct. In a capitalist economy, the production and distribution of goods and services are primarily driven by private enterprises operating within a market system. The private sector owns the means of production and is responsible for supplying the basic goods and services required by the people.
2. Almost everything required by the people was supplied by private enterprises via the market.
This statement is also correct. In a capitalist economy, private enterprises aim to cater to the demands and needs of the consumers. They produce and supply a wide range of goods and services to meet the requirements of the people. Through the market mechanism, consumers have the freedom to choose from various options available to them, and private enterprises compete to attract consumers by providing better products or services.
3. It strengthens the purchasing power of the masses.
This statement is incorrect. While capitalism does provide opportunities for economic growth and prosperity, it does not automatically guarantee an increase in the purchasing power of the masses. In a capitalist system, the distribution of wealth and income is often unequal, with some individuals or groups accumulating significant wealth while others struggle to meet their basic needs. This inequality can lead to a concentration of power and resources in the hands of a few, limiting the purchasing power of the majority.
In conclusion, the correct statements are 1 and 2 only. In capitalist economies, basic goods and services are produced and supplied by the private sector, and private enterprises play a crucial role in meeting the requirements of the people through the market mechanism. However, it is important to note that capitalism does not automatically strengthen the purchasing power of the masses and can lead to income inequality.
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Consider the following statements ‘Capitalist economies’:1. In the capitalist economies of the time, all the basic goods and services were part of the market mechanism, i.e., being produced and supplied by the private sector.2. Almost everything required by the people was supplied by private enterprises via the market.3. It strengthens the purchasing power of the masses. Which of these statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of the aboveCorrect answer is option 'A'. Can you explain this answer?
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Consider the following statements ‘Capitalist economies’:1. In the capitalist economies of the time, all the basic goods and services were part of the market mechanism, i.e., being produced and supplied by the private sector.2. Almost everything required by the people was supplied by private enterprises via the market.3. It strengthens the purchasing power of the masses. Which of these statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of the aboveCorrect answer is option 'A'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements ‘Capitalist economies’:1. In the capitalist economies of the time, all the basic goods and services were part of the market mechanism, i.e., being produced and supplied by the private sector.2. Almost everything required by the people was supplied by private enterprises via the market.3. It strengthens the purchasing power of the masses. Which of these statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of the aboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements ‘Capitalist economies’:1. In the capitalist economies of the time, all the basic goods and services were part of the market mechanism, i.e., being produced and supplied by the private sector.2. Almost everything required by the people was supplied by private enterprises via the market.3. It strengthens the purchasing power of the masses. Which of these statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of the aboveCorrect answer is option 'A'. Can you explain this answer?.
Consider the following statements ‘Capitalist economies’:1. In the capitalist economies of the time, all the basic goods and services were part of the market mechanism, i.e., being produced and supplied by the private sector.2. Almost everything required by the people was supplied by private enterprises via the market.3. It strengthens the purchasing power of the masses. Which of these statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of the aboveCorrect answer is option 'A'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements ‘Capitalist economies’:1. In the capitalist economies of the time, all the basic goods and services were part of the market mechanism, i.e., being produced and supplied by the private sector.2. Almost everything required by the people was supplied by private enterprises via the market.3. It strengthens the purchasing power of the masses. Which of these statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of the aboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements ‘Capitalist economies’:1. In the capitalist economies of the time, all the basic goods and services were part of the market mechanism, i.e., being produced and supplied by the private sector.2. Almost everything required by the people was supplied by private enterprises via the market.3. It strengthens the purchasing power of the masses. Which of these statements is/are correct?a) 1 and 2 Onlyb) 2 and 3 Onlyc) 1 and 3 Onlyd) All of the aboveCorrect answer is option 'A'. Can you explain this answer?.
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