Ask a Question

Explain the nature of the Socialist Economy.

0 votes
122 views
in Chapter 8 Introduction to Economics by (98.9k points)
edited
Explain the nature of the Socialist Economy.

1 Answer

0 votes
by (98.9k points)
edited
  • There is no private ownership of the means of production as these belong to the society as a whole.
  • There is total control of the State over the economy.
  • The objective of the economic activities is the fulfilment of social needs (social welfare).
  • Socialist economy exists in Russia and China.

Related questions

0 votes
1 answer 106 views
Explain the nature of the Capitalist Economy.
asked Aug 21, 2022 in Chapter 8 Introduction to Economics by Doubtly (98.9k points)
0 votes
1 answer 107 views
Distinguish between Capitalist Economy and Socialist Economy.
asked Aug 21, 2022 in Chapter 8 Introduction to Economics by Doubtly (98.9k points)
0 votes
1 answer 113 views
Explain the functions of an economy.
asked Aug 21, 2022 in Chapter 8 Introduction to Economics by Doubtly (98.9k points)
0 votes
1 answer 111 views
Explain the nature of globalisation.
asked Aug 21, 2022 in Chapter 8 Introduction to Economics by Doubtly (98.9k points)
0 votes
1 answer 106 views
What are the main features (components) of the economy?
asked Aug 21, 2022 in Chapter 8 Introduction to Economics by Doubtly (98.9k points)
0 votes
1 answer 103 views
What is the main aim of a Socialistic economy?
asked Aug 21, 2022 in Chapter 8 Introduction to Economics by Doubtly (98.9k points)

Doubtly is an online community for engineering students, offering:

  • Free viva questions PDFs
  • Previous year question papers (PYQs)
  • Academic doubt solutions
  • Expert-guided solutions

Get the pro version for free by logging in!

Most popular tags

jeemain geography-10th engineering physics semester 5 web computing

5.7k questions

5.1k answers

108 comments

538 users

Doubtly
...