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Types of Economies — Economics STD 9 — Question

ICSE BoardEnglish MediumSTD 9EconomicsTypes of Economies2 Marks
Question
Explain any two features of a socialist economy.
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Answer

(i) All factors of production like land, capital (man made resources) and natural resources are owned by the state.
(ii) Social welfare is the primary motive of all economic activities.

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