Economic system based on equity and in which the government decides what gets made and sets prices is called what?

Question

Social Studies

Zain Mata

19 October, 19:03

Economic system based on equity and in which the government decides what gets made and sets prices is called what?

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Answers (1)

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Karli Giles · Answer 1

Socialism

Explanation:

Socialism is based on the equal distribution of goods among the individuals of society. Thus, the means of production (machinery, equipment) belong to the state that evaluates what should be produced in the economy. Thus, the government controls the prices that must remain in the market, this happens through the central planning carried out by the government itself.