Identify a true statement about a socialist system of economy.
A)Individuals own and operate the majority of businesses that provide goods and services.
B)Central planning determines what basic goods and services are produced.
C)Competition,supply,and demand determine which goods and services are produced and how they are produced.
D)All economic decisions are made without government intervention.
E)Consumers have a wide choice of goods and services.

Question

Quizplus · Accepted Answer

In a socialist system, the government or a central authority often plays a significant role in planning and allocating resources, determining what goods and services are produced to meet the needs of society. This contrasts with market economies, where supply and demand guide production decisions.

Identify a True Statement About a Socialist System of Economy