Question

Identify the feature of a socialist economy.

Options

• Social property

• Economic planning

• Absence of competition

• All of these

Answer 1

All of these

Explanation:

1. Social Property: All means of production such as land, factories, banks, and trade are owned by society through the state, abolishing private property.
2. Economic Planning: The government controls production and makes all decisions through centralized economic planning, solving what, how, and for whom to produce.
3. Absence of Competition: There is no competition among producers because the government is the sole producer, leading to mutual cooperation instead.