Socialist economy, economics, Microeconomics

Socialist Economy: The material means of production are owned by the whole community represented by State under socialist form of economy. All members have equal right in the benefits from socialised planned production. The government or the central planning authority makes the economic decisions of what to produce; how much to produce, how to produce and for whom to produce on behalf of the society. Thus, the government plays an all-pervasive role in the economic decisions under socialist economy.
Posted Date: 2/10/2012 11:26:13 PM | Location : United States







Related Discussions:- Socialist economy, economics, Assignment Help, Ask Question on Socialist economy, economics, Get Answer, Expert's Help, Socialist economy, economics Discussions

Write discussion on Socialist economy, economics
Your posts are moderated
Related Questions
International trade: International trade refers to the exchange of goods and services between countries. Goods sold to other countries are referred to as exports and goods bou

BUREAUCRACY: M de Gournay, an economist of France, first coined the word Bureaucracy in the eighteenth century to refer to "a fourth or fifth form of Government" in which "off

Deviation - Difference between the expected and actual payoff -  Adjusting for the negative numbers -  The standard deviation measures square root of average of squa

what are the advantages of a monopsonistic labour market

#questAbout four years ago, Kanye West performed at the UIC Pavilion. General admission tickets were priced at $30. Concert promoters say that price elasticity of demand for genera

Methodology of econometrics involving three stages 1. Specification of the model using a specific stochastic equation, together with a priori theoretical expectations about th

What mass (in grams) of O2 gas is present in a 36.0 L container at 673.0 K at 23.8 atm O2 pressure if the gas is ideal?


During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of

Monopsony: Demonstrate (with a graph) how a minimum wage can increase both the wage and employment in a monopsony market even when the government sets th