Question

Socialist economy is also known as _________ economy.

• A. mixed
• B. planned
• C. capitalist
• D. none of the above

Answer 1

Answer: (B)

planned

Socialist economy is a planned economy. The entire national economy in socialist society develops in a planned and proportionate way. This is the objective law governing socialist economic development and an important feature showing the superiority of the socialist economy over the capitalist economy. A planned economy is a type of economy consisting of a mixture of public ownership of the means of production and the coordination of production and distribution through state planning. In a socialist system, production is geared towards satisfying economic demands and human needs.