Which is not the characteristic of socialist or planned economy?

Government is the owner of resources

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Production decisions are determined by the government

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Profit motive

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None of the above

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Solution

The correct option is C Profit motive
Socialist system is the system which thinks for the welfare of the public first. It is thus controlled and regulated by government to ensure equal opportunity to the people in society. Thus, profit motive is not the characteristics of socialist system. It is the characteristics of capitalist economy.

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In a planned or command economy, all the economic decisions are taken by the:

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