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Which economic system is characterized by government ownership of key industries and centralized planning?
- a)Capitalism
- b)Communism
- c)Socialism
- d)Mixed economy
Correct answer is option 'C'. Can you explain this answer?
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Which economic system is characterized by government ownership of key ...
The economic system characterized by government ownership of key industries and centralized planning is known as socialism. In a socialist system, the government often controls major sectors of the economy, such as healthcare, education, transportation, and utilities, with the aim of ensuring equal distribution of resources and services among the population. Centralized planning refers to the government making economic decisions and planning production and distribution of goods and services rather than relying on market forces.
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Which economic system is characterized by government ownership of key ...
In a communist economic system, the government owns and controls the means of production, and central planning dictates the production and distribution of goods and services.
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Which economic system is characterized by government ownership of key ...
Understanding Socialism
Socialism is an economic system that emphasizes social ownership and democratic control of the means of production. It is characterized by the following key features:
1. Government Ownership
- In a socialist economy, the government owns key industries and resources. This can include sectors such as healthcare, education, and transportation.
- The aim is to ensure that essential services are accessible to all citizens rather than being driven solely by profit motives.
2. Centralized Planning
- Centralized planning is a hallmark of socialism. The government makes decisions about what to produce, how to produce it, and for whom it is produced.
- This planning is intended to meet the needs of the population and reduce inequalities in wealth and opportunity.
3. Redistribution of Wealth
- Socialism seeks to reduce economic disparities through wealth redistribution. This often involves progressive taxation and social welfare programs.
- The goal is to create a more equitable society where resources are shared more equally among individuals.
4. Focus on Community Welfare
- The overarching objective is to prioritize the welfare of the community over individual profits.
- This contrasts with capitalism, where private ownership and market competition drive economic activity.
5. Variants of Socialism
- Socialism can take various forms, including democratic socialism, where political democracy coexists with social ownership, and more authoritarian forms, where the state exerts significant control over the economy.
In summary, socialism is defined by government ownership of key industries and centralized planning, aiming to promote social welfare and economic equality.
Socialism is an economic system that emphasizes social ownership and democratic control of the means of production. It is characterized by the following key features:
1. Government Ownership
- In a socialist economy, the government owns key industries and resources. This can include sectors such as healthcare, education, and transportation.
- The aim is to ensure that essential services are accessible to all citizens rather than being driven solely by profit motives.
2. Centralized Planning
- Centralized planning is a hallmark of socialism. The government makes decisions about what to produce, how to produce it, and for whom it is produced.
- This planning is intended to meet the needs of the population and reduce inequalities in wealth and opportunity.
3. Redistribution of Wealth
- Socialism seeks to reduce economic disparities through wealth redistribution. This often involves progressive taxation and social welfare programs.
- The goal is to create a more equitable society where resources are shared more equally among individuals.
4. Focus on Community Welfare
- The overarching objective is to prioritize the welfare of the community over individual profits.
- This contrasts with capitalism, where private ownership and market competition drive economic activity.
5. Variants of Socialism
- Socialism can take various forms, including democratic socialism, where political democracy coexists with social ownership, and more authoritarian forms, where the state exerts significant control over the economy.
In summary, socialism is defined by government ownership of key industries and centralized planning, aiming to promote social welfare and economic equality.
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Which economic system is characterized by government ownership of key industries and centralized planning?a)Capitalismb)Communismc)Socialismd)Mixed economyCorrect answer is option 'C'. Can you explain this answer?
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Which economic system is characterized by government ownership of key industries and centralized planning?a)Capitalismb)Communismc)Socialismd)Mixed economyCorrect answer is option 'C'. Can you explain this answer? for SSC MTS / SSC GD 2025 is part of SSC MTS / SSC GD preparation. The Question and answers have been prepared according to the SSC MTS / SSC GD exam syllabus. Information about Which economic system is characterized by government ownership of key industries and centralized planning?a)Capitalismb)Communismc)Socialismd)Mixed economyCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for SSC MTS / SSC GD 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which economic system is characterized by government ownership of key industries and centralized planning?a)Capitalismb)Communismc)Socialismd)Mixed economyCorrect answer is option 'C'. Can you explain this answer?.
Which economic system is characterized by government ownership of key industries and centralized planning?a)Capitalismb)Communismc)Socialismd)Mixed economyCorrect answer is option 'C'. Can you explain this answer? for SSC MTS / SSC GD 2025 is part of SSC MTS / SSC GD preparation. The Question and answers have been prepared according to the SSC MTS / SSC GD exam syllabus. Information about Which economic system is characterized by government ownership of key industries and centralized planning?a)Capitalismb)Communismc)Socialismd)Mixed economyCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for SSC MTS / SSC GD 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which economic system is characterized by government ownership of key industries and centralized planning?a)Capitalismb)Communismc)Socialismd)Mixed economyCorrect answer is option 'C'. Can you explain this answer?.
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