Market economy is guided by motive a. none of these b. profit c. Welfare d. social
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Answer: B. Profit
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The correct option is (b) Profit
- A market economy is guided by the motive of Profit.
- A market economy which is also called a free economy is a kind of economic system where supply and demand govern economic decisions as well as the pricing of goods as well as services.
- It allows private enterprises to regulate the production and prices of goods as well as services and the market to operate freely with less or no government intervention. It also offers free competition.
- Self-interest or Profit serves as the driving force behind market economies.
- Profit motive refers to a financial term meaning the purpose to make money out of a business, trade, or any material activity.
- Trying to squeeze every money out of their budgets is the driving force behind consumer behavior. Entrepreneurs strive to maximize their businesses revenues. Workers strive to earn the greatest incomes and pay possible.
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