Belief in the primary importance of the self, the virtues of self-reliance and personal independence is referred to as _______ in Economics.
Individualism
Economics Term: Defining Individualism
The question asks for the economic term describing a belief in the primary importance of the self, emphasizing self-reliance and personal independence.
Understanding the Core Concept
Individualism directly aligns with this definition. It is an ideology that cherishes the individual person, their independence, and self-reliance. In an economic context, it supports personal freedom in economic choices and actions.
Evaluating Other Options
- Federalism: Refers to a system of government with divided powers, not an economic principle centered on the self.
- Frugalism: Focuses on economy and avoiding waste, which can be a part of self-reliance but isn't the core definition of prioritizing the self.
- Capitalism: An economic system based on private ownership and profit, which often *involves* individualism but isn't defined solely by the belief in the self's primary importance.
Therefore, Individualism is the most accurate term.
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Important Questions from Economy
When goods are produced by exploiting natural resources, it is an activity associated with:
A system in which local farmers were allowed to cultivate temporarily within a plantation is known as:
Which goods from India dominated the international textile markets before the age of mechanized industries?
Which type of farming is practiced in areas of high population pressure on land?
The major economic attribute for comparing countries is their:
