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Question
Maximisation of private profit rather than social welfare is the key guiding principle of which of these systems?
Maximisation of private profit rather than social welfare is the key guiding principle of which of these systems?
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Solution
The correct option is A Capitalism
Maximization of private profit rather than social welfare is the key guiding principle of CAPITALISM. Capitalist economy is also called the market economy, in which the prices are determined by the free interaction of the forces of demand and supply. It is an automatic self-regulating mechanism which runs with the motive of profit.
Maximization of private profit rather than social welfare is the key guiding principle of CAPITALISM. Capitalist economy is also called the market economy, in which the prices are determined by the free interaction of the forces of demand and supply. It is an automatic self-regulating mechanism which runs with the motive of profit.
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