Practicing Success
Which of the following questions are answered by the government in a socialist economy? |
What, how and for whom to produce What, when and how much to produce What, when and for whom to produce What to produce and how to produce |
What, how and for whom to produce |
Every society has to answer three questions:
If the government answers the questions, it is referred as socialist economy. If the market forces of demand and supply answers the question, it is known as capitalistic economy. And a blend of both the systems is known as a mixed market structure. |