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.
Similar Questions
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:
India’s GDP growth in 2017 was:
In Economic terms, Globalization is the process of rapid ______ between countries.
Important Questions from Economy
The Five Year Plan was first launched in
Which of the following was/were the feature(s) of Lenin’s New Economic Policy (NEP) for the Soviet Union?
1) Private retail trading was strictly forbidden
2) Private enterprise was strictly forbidden
3) Peasants were not allowed to sell their surplus
4) To secure liquid capital, concessions were allowed to foreign capitalists, but the State retained the option of purchasing the product of such concerns
Select the correct answer using the code given below:
Which one of the following was set as a target of average growth of GDP of India over the plan period 2012-2017 by the Approach Paper to the Twelfth Five year Plan?
In ________ economies, all productive resources are owned and controlled by the government.
Private ownership of the means of production is a feature of a _______ economy.
