ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Large military spending, incentive to work to benefit individuals, and a large bureaucracy
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A large planning agency, many government employees, and many social benefits
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A large planning agency, many personal freedoms, and many social benefits
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Large military spending, a large bureaucracy, and many personal freedoms
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Detailed explanation-1: -SOCIALIST economy is a planned economy. The entire national economy in socialist society develops in a planned and proportionate way. This is the objective law governing socialist economic development and an important feature showing the superiority of the socialist economy over the capitalist economy.
Detailed explanation-2: -In a socialist economic model, the production of goods and services is either partially or fully regulated by the government. This is referred to as central planning, and the economic structure that is created is known as a planned economy or a command economy.
Detailed explanation-3: -All legal production and distribution decisions are made by the government in a socialist system. The government also determines all output and pricing levels and supplies its citizens with everything from food to healthcare.
Detailed explanation-4: -Features or characteristics of a planned economy Usually, prices are decided by the price control mechanism. Production is planned for at least five or ten years in advance. Involves a high level of bureaucracy to manage and plan economic decisions. A higher degree of political control.