Practicing Success
The "Means of production" are under the control of the "State" in which type of economy? |
Capitalist Economy Mixed Economy Socialist Economy Market Economy |
Socialist Economy |
In socialist economy, the government or the state decides the means of production and how goods are to be distributed in the country. It works for the betterment of the society and welfare of the nation. Thus, irrespective of what purchasing power people have, essential goods are provided to them. For example: A socialist nation provides free healthcare facilities to its people. |