WAEC 2024
A major feature of the socialist economic system is
- Asetting of production targets by public authorities.
- Bfreedom of choice for consumers.
- Cdetermination of price by market forces.
- Dprivate ownership of productive inputs.
Explanation
In a socialist (or centrally planned) economic system, the government or public authorities own the means of production and dictate what is produced by setting production targets and allocating resources centrally.
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