Question

Which of the following is/are not a feature of the social system?

• A. Competition
• B. No wastage of resources
• C. Exploitation
• D. Profit

Answer 1

Answer: (A), (C), (D)

Profit

In the social system, the resources of production are owned by the state. The system focuses on social welfare over profit. Some of the advantages in the social system are a minimum wastage of resources, addressal of income disparity, and protection of consumers.