ECONOMICS (CBSE/UGC NET)

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: -In a pure command economy, there is no private sector, as the central government owns or controls all business. In a command economy, government officials set national economic priorities, including how and when to generate economic growth, how to allocate resources, and how to distribute the output.

Detailed explanation-3: -What Is Socialism? Socialism is a populist economic and political system based on collective, common, or public ownership of the means of production. Those means of production include the machinery, tools, and factories used to produce goods that aim to directly satisfy human needs.

Detailed explanation-4: -A command economy is an economic system where the government has control over the production and pricing of goods and services.

Detailed explanation-5: -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.