Define socialist economy. What are the features of a socialist economy

1.	Define socialist economy. What are the features of a socialist economy?
Answer» Socialist economy is an economic system in which the means of production are owned by the public sector. This economic system works on centralised planning. Let us analyse other features of a socialist economy: Activities aimed at social welfare Absence of private entrepreneur Absence of private ownership of wealth and transfer of wealth to legal heir Economic equality

Define socialist economy. What are the features of a socialist economy?

Answer»

Socialist economy is an economic system in which the means of production are owned by the public sector. This economic system works on centralised planning.

Let us analyse other features of a socialist economy:

Activities aimed at social welfare
Absence of private entrepreneur
Absence of private ownership of wealth and transfer of wealth to legal heir
Economic equality

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Define socialist economy. What are the features of a socialist economy?

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