Which of the following is true of a socialist economy?

Question

Quizplus · Accepted Answer

In a socialist economy, the primary motivation for economic activity is to achieve collective goals, which usually involves meeting the basic needs of all members of society, rather than achieving profits for individuals or private owners. Decisions on what to produce and how to distribute products are typically made by the state or by worker cooperatives. Goods and services may be provided based on need rather than ability to pay.

Which of the Following Is True of a Socialist Economy