Question

what is socialist economy​

Answer 1

Answer:

Hope this answer will help you

Explanation:

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.

Answer 2

Explanation:

An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it.