GENERAL KNOWLEDGE

Detailed explanation-1: -A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use rather than for profit.

Detailed explanation-2: -The characteristics of social democracy include state-owned enterprises, centralized economic planning, a classless society, equal opportunity for all individuals, and a government-controlled price 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: -A socialist economy refers to the economy in which means of production and distribution are publicly owned. Some of the characteristics of this type of economy are nationalization, social services, and economic planning. These characteristics contribute to the redistribution of wealth in society.

Detailed explanation-5: -3.1 1] Collective Ownership of Resources. 3.2 2] Central Economic Planning. 3.3 3] No Choice for Consumers. 3.4 4] Equal Distribution of Income. 3.5 5] Absence of Market Forces.