Question

society tries to
bring about absolute equality. Absolute
quality is neither feasible nor desirable.
Socialist society recognises that some
income differences are essential in view of
ferences in skill, talents and efficiency
ssless Society: A socialist society aims
at establishing a classless society. As all
productive resources are owned by the
state, the capitalist class simply does not
exist. All people earn their income by
working for the state. Therefore, they
get their income in the form of labour
ncome. There is no scope of unearned
come. Class distinctions do not exist in
Socialist economy. This means that there
no scope of economic exploitation in a
cialist economy
imination of Competition: The socialist
nomic system eliminates competition
all types. Since the government
has
nopoly of production of all types
goods in a socialist economy, there
o scope of competition and rivalry
no different production units in
done with the objective of maximisation
of social welfare. Second, in a socialist
economy, allocation of resources is made
by the planning authority to promote social
welfare. Luxuries are not produced at the
cost of the basic necessities of life. Third,
a socialist economy is able to eliminate
various types of wastages of resources like
expenditure on advertisements.
2. Fullertilisation of Resources: A socialist
economy ensures that the available
resources are fully utilised. The planning
authority would not like the resources to
go unutilised, keeping in mind the welfare
of the society. Therefore, unemployment is
eliminated under socialism.
3. Elimination of Economic Instability
A socialist economy is able to aver
economic instability in the economy
All economic decisions are taken b
the central planning authority afte
undertaking a comprehensive survey
the needs and resources of the econom
Therefore, there is no possibility​

Answer 1

Good paragraph.

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