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

Correct option is A

In a capitalist economy, resources are owned privately, and the primary objective behind economic activities is profit-making. The market forces of demand and supply determine the allocation of resources.
Important Key Points:
1. Capitalism encourages competition and innovation.
2. Prices are determined by the market mechanism without government intervention.
3. Profit motive drives businesses to be efficient and productive.
4. Private ownership of property and resources is a key feature.
Information Booster:
 Socialist: In a socialist economy, resources are owned collectively or by the state, and the focus is on equal distribution.
 Mixed: Combines elements of both capitalism and socialism, with both private and state ownership.
 Global: Not a specific type of economy; rather, it refers to the interconnectedness of national economies.