In which type of economy social justice is accorded higher priority than profit maximization?
Centrally Planned Economy
The correct answer is "Centrally Planned Economy." In a centrally planned economy, the government controls major aspects of the economy and often places a higher priority on social justice and equitable distribution of resources over profit maximization.
Important Questions from Fundamentals of Economy
The meaning of _______ is freedom for economic decisions, which means that all the producers, owners and consumers of factors of production are free to take their decisions to promote their self-interest.
The problem of choice arises on account of the pressure of three interrelated facts, viz, human wants are unlimited, means required to satisfy these wants are limited and ____.
"What to produce?" is a basic problem faced by an economy under which of the following central problems?
Which industry is also known as basic industry?
Which of the following industry is NOT reserved for the public sector after New Economic Policy of 1991?
