Which of the following is are features of the socialist economic system 1 Market forces determine su...........

Economic Affairs Planning in India

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Which of the following is/are features of the socialist economic system?

1. Market forces determine supply and demand of goods and services.

2. There is no concept of private property.

3. Economic activity in the economy is guided by the Government.

Which of the above statement/s is/are correct?

1 only

2 and 3 only

3 only

All of the above

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Explanation:

The socialist economy has the following main features. In a Socialist economy means of production are owned by the government on behalf of the people. The institution of private property is abolished and no individual is allowed to own any production unit and accumulate wealth and transfer it to their heirs.