BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use rather than for profit.

Detailed explanation-2: -socialism, social and economic doctrine that calls for public rather than private ownership or control of property and natural resources. According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another.

Detailed explanation-3: -The characteristics of social democracy include state-owned enterprises, centralized economic planning, a classless society, equal opportunity for all individuals, and a government-controlled price system.

Detailed explanation-4: -In a socialist economic system, the government of the country owns and manages all the wealth and resources by itself. It is also referred to as collective or common ownership of property. Russia is an example of a country that follows a socialist economic system.

Detailed explanation-5: -A Socialist Economy is an economic system where the factors of production like labour, natural resources or capital goods are under the control of the government. Determination of Price. In a Capitalist Economy, the demand and supply forces influence the price of goods and services.