ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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has little say in what goods are made
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does not influence the distribution of goods and services
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guarantees all consumers a high income
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often owns major businesses
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Detailed explanation-1: -In a socialist economy, the setup is exactly opposite to that of a capitalist economy. In such an economy the factors of production are all state-owned. So all the factories, machinery, plants, capital, etc. is owned by a community in control of the State.
Detailed explanation-2: -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-3: -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.
Detailed explanation-4: -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.
Detailed explanation-5: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.