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Question
Which of the following is anonymous to each other?
Which of the following is anonymous to each other?
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Solution
The correct option is B Social system and market system
In the market system or the capitalist system, the resources of production are owned by private players or individuals. In the social system or the socialist system, the resources are owned by the state. The social system prioritises social welfare over profit, whereas the market system prioritises only profit. Therefore, the nature of the social system and the market system are anonymous or opposite to each other. Both the market system and the social system exist in a mixed economy.
In the market system or the capitalist system, the resources of production are owned by private players or individuals. In the social system or the socialist system, the resources are owned by the state. The social system prioritises social welfare over profit, whereas the market system prioritises only profit. Therefore, the nature of the social system and the market system are anonymous or opposite to each other. Both the market system and the social system exist in a mixed economy.
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