Question

Socialist Economy Explain a concept​

Answer 1

Answer:

A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use rather than for profit.

Explanation:

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Answer 2

Answer:

A socialist economy is a system of production where goods and services are produced directly for use, in contrast to a capitalist economic system, where goods and services are produced to generate profit (and therefore indirectly for use). ... The ownership of the means of production varies in different socialist theories.