wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Under socialistic systems, who decides the production and distribution of goods that are required by the people?

A
Central Statistical Organisation
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
Central Agriculture Commission
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
Central Planning Commission
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
D
Central Consumer Forum
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is C Central Planning Commission
1:In socialistic systems, the state has total control over all economic matters. It is an economy where economic institutions decides the production and distribution of goods are owned and controlled by the state.
2:Its a centrally planned economy. It allows free choice of consumption as well as free choice of occupation. Production and allocation of productive resources is used according to a pre-determined plan.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Value Added Method
ECONOMICS
Watch in App
Join BYJU'S Learning Program
CrossIcon