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Which of the following is not the feature of socialist economy ?
- a)Economic planning
- b)Social welfare
- c)Private ownership of productive resources
- d)Economic equalities
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Which of the following is not the feature of socialist economy ?a)Econ...
Socialist economy is an economic system in which the means of production and distribution are owned and controlled by the state or by the community as a whole. The main features of socialist economy are:
Economic planning: In a socialist economy, the state or the central planning agency decides what to produce, how much to produce, and at what price to sell. The resources are allocated according to the needs of the society rather than the profit motive.
Social welfare: The socialist economy aims to provide social welfare to all the citizens. It provides free education, healthcare, housing, and other basic amenities to the people.
Economic equalities: In a socialist economy, the income and wealth are distributed equally among the citizens. There is no concept of private ownership of property, and the resources are shared among the people.
However, the feature that is not a part of socialist economy is:
Private ownership of productive resources: In a socialist economy, the means of production and distribution are owned and controlled by the state or by the community as a whole. There is no concept of private ownership of property.
Therefore, option (c) is the correct answer.
Economic planning: In a socialist economy, the state or the central planning agency decides what to produce, how much to produce, and at what price to sell. The resources are allocated according to the needs of the society rather than the profit motive.
Social welfare: The socialist economy aims to provide social welfare to all the citizens. It provides free education, healthcare, housing, and other basic amenities to the people.
Economic equalities: In a socialist economy, the income and wealth are distributed equally among the citizens. There is no concept of private ownership of property, and the resources are shared among the people.
However, the feature that is not a part of socialist economy is:
Private ownership of productive resources: In a socialist economy, the means of production and distribution are owned and controlled by the state or by the community as a whole. There is no concept of private ownership of property.
Therefore, option (c) is the correct answer.
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Community Answer
Which of the following is not the feature of socialist economy ?a)Econ...
There is full control of government on all resources and market for the social welfare and protecting public from exploitation and monopoly of private sector.
hence, there is no control of private sector on resources.
hence, there is no control of private sector on resources.
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Which of the following is not the feature of socialist economy ?a)Economic planningb)Social welfarec)Private ownership of productive resourcesd)Economic equalitiesCorrect answer is option 'C'. Can you explain this answer?
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