Which is not a feature of the socialist economy?

Public ownership

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Planning mechanism

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Profit motive

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Complete role of government

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B Profit motive
C is the correct option.
The profit motive is not a feature of the socialist economy as the ultimate aim of a socialist economy is to ensure the maximization of wealth of a whole community, a whole country. It aims to have an equal distribution of wealth among all its citizens, not just the welfare of its richest companies and individuals.

Suggest Corrections