Question

Describe any four merits of socialist economic system.​

Answer 1

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$\large{\mathbb{\boxed{\green{Merits\:Of\: Socialist\: Economic:-}}}}$

➜Greater economic efficiency.

➜Welfare due to less inequality.

➜Abscene of monoplistic practices.

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$\large{\bf{\boxed{\red{Demerits\: Of\: Socialist\: Economic:-}}}}$

➨Loss of consumer sovereignty.

➨Less democratic.

➨Rigid economic.

$\large{\bf{\boxed{\purple{Features\:Of\: Socialists\: Economic:-}}}}$

➣Collective ownership.

➣Economic planning.

➣Positive role of government.

➣Work and wages according to ability and needs.

Answer 2

$\ \sf \fbox \red{merits \: of \: socialist \: economic : - }$

➜Greater economic efficiency.

➜Welfare due to less inequality.

➜Abscene of monoplistic practices.