In a socialist economy,economic decisions are determined by ______.

Question

Quizplus · Accepted Answer

In a socialist economy, economic decisions are determined by political leaders, on the basis of what society needs. This is because in a socialist economy, the means of production are owned and controlled by the state or the community as a whole, rather than by private individuals or corporations. In such an economy, the government or the ruling party makes decisions about how resources should be allocated and how goods and services should be produced and distributed. These decisions are made with an aim to meet the needs of the entire society rather than maximizing profits for a few individuals or corporations.

In a Socialist Economy,economic Decisions Are Determined by ______