Question

What is a socialist economy?

Solution

Socialist economy is that economy in which there is a state ownership of means of production. All economic decisions are taken with a view to maximum welfare of the society as a whole.

Some More Questions From Indian Economy 1950-1990 Chapter

What is meant by economic growth?

What structural change undergoes with development of the economy?

Name the sectors from which the GDP of a country is derived.

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Indian Economy 1950-1990

What is a socialist economy?

Some More Questions From Indian Economy 1950-1990 Chapter

What is meant by economic growth?

What structural change undergoes with development of the economy?

Name the sectors from which the GDP of a country is derived.

On which idea is the policy of 'land to tiller' is based?

Where is the provision for economic and social planning in our Constitution?

Why is agriculture called the backbone of Indian Economy?

What is meant by agriculture?

What are the main causes of backwardness of Indian agriculture?

What do you mean by land reforms?

What is consolidation of holdings?

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