Socialist Economy

Today we are going to see about socialist economy. The main characteristic of a socialist economy is the existence of public enterprise or state ownership of capital in all the important sphere of productive activity. IN the place of free operation of market forces the socialist economies depend on state planning of production and distribution. However, the importance of making economic decisions on the basis of what the buyers and sellers consider profitable called market forces of demand and supply is increasingly being realized in the socialist economies also.
This means that you earn for all of them in the country. Everyones earnings is put together and is divided equally among all citizens of the country. All are treated equal. This is all I know about the socialist economy. The best example of socialist economy is Soviet Union.