Question

Who is responsible for solving the basic problems in a socialist economy? How is it solved?

Explain.​

Answer 1

Answer:

In a socialist economy, the central problems of the economy is solved by a centrally based planning authority that resolves all the centrally based problems related to production of goods and services in the economy which includes the following

What to produce? Consumer goods or capital goods?

How to produce? Using labour or capital?

For whom to produce? Rich people or poor people?

Explanation:

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