What is socialist economy?

Socialist economy is the economy in which production and distribution of services are shared by a group of people, called society which is represented by the government. Here an individual does not have freedom over what to produce and what to consume, the government decides what needs to be produced, how much needs to be produced, to maximise the benefit of society as a whole.

Socialist economy is an economic system in which all means of production are owned by the whole society for social use and all the resources like land, forest, mines etc. As what goods need to be produced is the governed by government, a consumer has limited options available.