Question

What do you understand by the socialist economy?

Answer 1

Answer:

A socialist economic system is characterised 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. ... Socialist economics has been associated with different schools of economic thought.

Explanation:

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Answer 2

Answer:

A socialist economic system is characterised 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. ... Socialist economics has been associated with different schools of economic thought