Question

What type of economy is known as
socialism?​

Answer 1

Answer:

In a socialistic economic system, the government owns most land and capital goods, but individuals still control their own labor. Economic decisions of production, distribution, and consumption are centrally planned.

Answer 2

A national financial system based on the public or cooperative ownership and administration of primary production capabilities. In a socialist economy, production involves the goal of creating useful services or goods of value.