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Profit motive is a merit of 1 Socialism 2 Capitalism 3 Mixed economy 4 None of the above?
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Profit motive is a merit of 1 Socialism 2 Capitalism 3 Mixed economy 4...
Capitalism
Socialism
Mixed Economy
Conclusion
- Profit motive is a key characteristic of capitalism.
- The main goal of businesses in a capitalist system is to make a profit.
- Individuals and businesses are free to pursue their own interests and make their own decisions in a competitive marketplace.
- The profit motive drives innovation and efficiency, as businesses seek to create new products and services, improve existing ones, and cut costs in order to maximize profits.
Socialism
- Profit motive is not a characteristic of socialism.
- In a socialist system, the means of production are owned and controlled by the state or by the workers themselves.
- The goal of production is not to make a profit, but to meet the needs of the people.
- Prices and wages are often set by the state, rather than determined by the market.
Mixed Economy
- A mixed economy combines elements of capitalism and socialism, and can have varying degrees of profit motive.
- In a mixed economy, the government may regulate certain industries or provide social services, while still allowing for private enterprise and competition in other sectors.
- Some mixed economies prioritize profit, while others prioritize social welfare and environmental concerns.
Conclusion
- Profit motive is a key characteristic of capitalism, but is not necessarily present in socialist or mixed economies.
- The role of profit in an economy can have significant implications for the distribution of wealth and the allocation of resources.
Community Answer
Profit motive is a merit of 1 Socialism 2 Capitalism 3 Mixed economy 4...
4. None of the above
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Profit motive is a merit of 1 Socialism 2 Capitalism 3 Mixed economy 4 None of the above?
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Profit motive is a merit of 1 Socialism 2 Capitalism 3 Mixed economy 4 None of the above? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Profit motive is a merit of 1 Socialism 2 Capitalism 3 Mixed economy 4 None of the above? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Profit motive is a merit of 1 Socialism 2 Capitalism 3 Mixed economy 4 None of the above?.
Profit motive is a merit of 1 Socialism 2 Capitalism 3 Mixed economy 4 None of the above? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Profit motive is a merit of 1 Socialism 2 Capitalism 3 Mixed economy 4 None of the above? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Profit motive is a merit of 1 Socialism 2 Capitalism 3 Mixed economy 4 None of the above?.
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