in a socialist economy how are the basic problems of scarcity and allocation of limited resources addressed

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06-03-2017
Social Studies

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in a socialist economy how are the basic problems of scarcity and allocation of limited resources addressed

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Greenleafable Greenleafable · Answer 1 · 2017-03-18T15:26:51-04:00

Greenleafable Greenleafable

18-03-2017

It is solved by producing what is needed, rather than what will bring profit. The socialist economy usually has production of what is needed according to supply and demand. They don't make more things or less according to their value, but rather they will invest in what the society needs.

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