Question

Belief in the primary importance of the self, the virtues of self-reliance and personal independence is referred to as _______ in Economics.
1. Federalism
2. Frugalism
3. Capitalism
4. Individualism

Answer 1

Correct Answer - Option 4 : Individualism

The correct answer is Individualism.

• Economic individualism is centered on the idea of less government involvement or intervention in the economy.
• An example of individualism is when you support yourself financially and do not depend on anyone else for your needs.
• The principles of Individualism are:
  • economic freedom 
  • private ownership
  • competition 
  • self-interest  
  • self-reliance

Capitalism	The economic system in which businesses are owned and run for profit by individuals and not by the state.
Frugalism	Economical in the use of consumable resources such as food, time, or money, and avoiding waste, lavishness, or extravagance.
Federalism	It is a type of government in which the power is divided between the national government and other governmental units.