Question

what do u mean by socialist economy??

Answer 1

Hey here is your answer happy with that ❤


✔✔A national financial system based on the public or cooperative ownership and administration of primary productioncapabilities. In a socialist economy,

✔✔ production involves the goal of creating useful services or goods of value. Such economic systems typically employ central planning and

✔✔ use accounting systems based on the labor hours expended in production

Answer 2

Heya.....

@@ Socialist economy.....

** Define... This is that economy in which govt has the authority to control and use the resources of the nation....

** Purpose... Govt allocate resources in such a form to being social welfare....

** Dominance.. Govt has full dominance while private sector r restricted....

** Example... Russia, North Korea....