In which of the following type of economies, resources are owned privately and the main objective behind economic activities is profit-making ?
Capitalist
This type combines elements of both capitalist and socialist systems. Based on the definition provided in the question, the economic system where resources are owned privately and the main objective behind economic activities is profit-making is the Capitalist economy.
Similar Questions
Which among the following was the primary outcome of the liberalization and privatization initiatives under the New Economic Policy (NEP) in 1991?
Important Questions from National Income Accounting
- A Giffen good exhibits an upward-sloping demand curve, a unique characteristic where the Law of Demand is violated. This phenomenon primarily arises when the negative income effect of a price change is so substantial that it outweighs the substitution effect. Based on this, which statement correctly describes the nature of the overall price effect and the income effect for a Giffen good?
In the context of Indian economy, consider the following statements:
1) The growth rate of GDP has steadily increased in the last five years.
2) The growth rate in per capita income has steadily increased in the last five years.
Which of the statements given above is/are correct?
The national income of a country for a given period is equal to the
Which of the following Institutions estimate the national income of India?
Which of the following exchange rate is known as error prone swing?
