ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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lower taxes
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limited government
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equitable distribution of benefits
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it is by far the coolest system
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Detailed explanation-1: -Ans: A socialist economy does have certain advantages like, Promotes the equitable distribution of wealth and social justice. It minimizes unemployment. Ensures that all citizens have the means to achieve a minimum living standard.
Detailed explanation-2: -Socialist ideals include production for use, rather than for profit; an equitable distribution of wealth and material resources among all people; no more competitive buying and selling in the market; and free access to goods and services.
Detailed explanation-3: -Socialism. Socialism is an economic system in which there is government ownership (often referred to as “state run”) of goods and their production, with an impetus to share work and wealth equally among the members of a society.
Detailed explanation-4: -The government treats the citizens as equals, and the wealth generated by employees is distributed equally to everyone. The government manages the means of production, which ensures that there is fairness in resource utilization and distribution. More items •09-Dec-2022
Detailed explanation-5: -Public or collective ownership of the means of production. Central planning of the economy. Emphasis on equality and economic security. Goal of reducing class distinctions.