Under socialism, economic activity is guided by the principle of:

Question

Quizplus · Accepted Answer

Under socialism, economic activity is guided by the principle of public need, where the goal of economic production is to meet the needs of society as a whole, rather than the pursuit of private profit or the interests of a privileged elite. Under socialism, economic activity is guided by the principle of public need, which means that the allocation of resources and production decisions are made with the goal of meeting the needs of society as a whole, rather than maximizing private profits. This is in contrast to capitalism, where private profit is the guiding principle.

Under Socialism, Economic Activity Is Guided by the Principle Of