ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Communist
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Socialist
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Market
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Traditional
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Detailed explanation-1: -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.
Detailed explanation-2: -Key Takeaways. Socialism is an economic and political system based on collective ownership of the means of production. All legal production and distribution decisions are made by the government in a socialist system.
Detailed explanation-3: -A socialist economic system can also be called as command economy, centrally planned economy or controlled economy because the means of production and distribution are owned, controlled and regulated by the public, either through the state or through cooperatives.
Detailed explanation-4: -Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government.