In which of the following type of economy are resources owned privately and the main objective behin...........

In which of the following type of economy are resources owned privately and the main objective behind economic activities is profit-making?

Capitalist

Socialist

Mixed

Global

- Option 1: Capitalist

- Resources are owned privately.

- The main objective is profit-making.

- Driven by market forces and competition.

- Correct Answer

- Option 2: Socialist

- Resources are owned collectively or by the government.

- The focus is on equal distribution and welfare.

- Option 3: Mixed

- Combines elements of capitalism and socialism.

- Both private and public ownership coexist.

- Balances profit motive with social welfare.

- Option 4: Global

- Not directly a type of economy.

- Refers to worldwide economic interactions.

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