Question : Which of the following is not a feature of a capitalist economy?
Option 1: Right to private property
Option 2: Existence of competition
Option 3: Service motive
Option 4: Freedom of choice for consumers
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Correct Answer: Service motive
Solution : The correct answer is Service motive .
When the private sector owns the economy's resources, the economy is said to be capitalist. So, in a capitalist economy, collective ownership is not an option. The two-class system, private ownership, profit motive, minimal government intervention, and competition are just a few of the many distinctive characteristics of capitalism. Simply put, in markets where capital goods are owned by both businesses and private individuals, market forces govern capitalist systems.
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