The pursuit of private profits is a feature of

Step 1: Analyze the question The question asks which economic system or institution has the pursuit of private profit as a defining feature.

Step 2: Explain the concept Economic systems differ in who owns resources and who decides what to produce:

• Command (planned) economy: The government owns the main resources and makes the production decisions. The goal is to meet state targets, not private profit.
• Socialist economy: Resources are collectively or state owned, and the aim is equitable distribution and social welfare, not individual profit.
• Capitalist (free enterprise/market) economy: Individuals and private firms own resources and production. The profit motive is the main driving force, and private property, competition and consumer sovereignty support it.
• Statutory corporations: These are public enterprises set up by an Act of Parliament, such as NNPC or the Nigerian Ports Authority. They exist mainly to provide public services, not to maximize private profit.

Step 3: Solution

• A is wrong because command economies are state-controlled and not profit-driven.
• B is wrong because socialism emphasizes collective ownership and welfare.
• C is correct because capitalism rests on private ownership and the pursuit of private profit.
• D is wrong because statutory corporations are publicly owned and service-oriented.

Step 4: Answer The pursuit of private profit is a feature of capitalist economies, which is option C.

Tip: Link the key words to the system: "Private profit" = Capitalism, "State control" = Command/Socialism, and "Public service" = Statutory corporations. If you see "profit motive," "private ownership" or "price mechanism," think capitalism.