Question

The principal objective of the socialistic economy is to



i. Maximise profits

ii. Establish socio- economic equity and justice

iii. Both (i) & (ii)

iv. None of them

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Answer 1

Answer:

Socialist economics comprises the economic theories, practices and norms of hypothetical and existing socialist economic systems.[1] A socialist economic system is characterized by social ownership and operation of the means of production[2][3][4][5][6][7] that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use rather than for profit.[8][9][10][11] Socialist systems that utilize markets for allocating capital goods and factors of production among economic units are designated market socialism. When planning is utilized, the economic system is designated as a socialist planned economy. Non-market forms of socialism usually include a system of accounting based on calculation-in-kind to value resources and goods.

Answer 2

$\color{green}answer \: is \\ \\ \color{blue}option \\ \\ \color{pink}(iii)$