GCE Economics 2024 Objective — Question 4
Question 4 of 50 from the General Certificate of Education (GCE) Economics 2024 Objective paper, with the correct answer and a full explanation.
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The pursuit of private profits is a feature of
- A. A. command economies
- B. B. socialist economies
- C. C. capitalist economiesCorrect
- D. D. statutory corporations
Explanation
The capitalist economic system is an economic system in which most of the means of the production and distribution are owned and managed by the private individuals (private sector) and the production of government (public sector) is at minimum. However, in this case, maximization of profit is primary objective.
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