wiz-icon
MyQuestionIcon
MyQuestionIcon
4
You visited us 4 times! Enjoying our articles? Unlock Full Access!
Question

Which of the following is not an advantage in a socialist system?

A
Competition
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
B
Distribution of resources
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C
No wastage of resources
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
Protection of consumers
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is A Competition
A socialist system refers to the system where resources are owned by the state. In a socialist system, the state prioritises social welfare over profit. It focuses on the distribution of resources, discourages wastage of resources, and protects consumers from exploitation.

flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Last Two Digits of an Even No. Part 2
ECONOMICS
Watch in App
Join BYJU'S Learning Program
CrossIcon