Social or
Command or planned economic system is a economic system in which the government
controls the economy. The state decides how to use and distribute resources.
The government regulates prices and wages; it may even determine what sorts of
work individuals do. It is the combination of equality & classless society.
ex-China, Cuba
Features of social economy
(1)Social ownership of means of production: In the socialism the factors
of production will be in the hand of government.
(2)No private enterprise: In socialism no one is free to start a
business
(3)Economic
planning:
Everything i.e. all the economic operation will be operated in planned ways in
socialism(4)Classless society: In socialism there will be no classification among people. Everyone is equal in this system.
(5)Consumer is not sovereign: In socialism consumers can't consume as much as they wishes.
