ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Socialist economies rely on either the government or worker cooperatives to drive production and distribution. Consumption is regulated, but it is still partially left up to individuals. The state determines how main resources are used and taxes wealth for redistributive efforts.

Detailed explanation-2: -What is an Economic System? An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country. Economic systems regulate the factors of production, including land, capital, labor, and physical resources.

Detailed explanation-3: -Socialism. The features of socialism are the opposite of those just listed for capitalism and were spelled out most famously by Karl Marx. Socialism is an economic system in which the means of production are collectively owned, usually by the government.

Detailed explanation-4: -In a command economy, the government owns the factors of production; all decisions about land, labor, and capital are made by the state. Bureaucrats analyze enormous sets of data about current stock levels, predicted demand, and availability of resources.

Detailed explanation-5: -Socialism is an economic system in which the basic industries are owned by the government or by the private sector under strong government control. A socialist state controls critical, large-scale industries such as transportation, communications, and utilities.