Which of the following terms is not related to a socialist economy?

Centralised planning

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

Social welfare

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

Price mechanism

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

Public sectors

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

Open in App

Solution

The correct option is C Price mechanism
In a socialist economy, the means of production are owned and controlled by the public sector for the welfare of the society. Basic problems are solved through centralised planning in this economy. Price mechanism is a feature of capitalist economy, which is driven by the market.

Suggest Corrections