Question by  latoya (2)

What are the key principles of socialist and communist economic systems?


Answer by  tamarawilhite (17883)

Socialist economies have the government own all major means of production but homes and small businesses are private. In a communist system, the government owns everything.


Answer by  CallerID (213)

A key principle is the existence of a planned economy, as opposed to free market economy. Supply is strongly influenced with state-run companies, and demand through price and wage control.

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