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

Economic Affairs Introduction

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

Only statements 2&3 are correct.

In a socialist society the government decides what goods are to be produced in accordance with the needs of society. It is assumed that the government knows what is good for the people of the country and so the desires of individual consumers are no to given much importance.
The government decides how goods are to be produced and how they should be distributed. In principle, distribution under socialisms supposed to be based on what people need and not on what they can afford to purchase. Unlike under capitalism, for example, a socialist nation provides free health care to all its citizens.
Strictly, a socialist society has no private property since everything is owned by the state. In Cuba and China, for example, most of the economic activities are governed by the socialistic principles.

Hence option 2nd is correct.