The first one is correct. In a planned economy, also known as a command economy, the state determines prices and allocates resources.
Answer: barter
Explanation:
In trade, barter (derived from baretor) is a system of exchange where participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money.
Step 1: Find the y-intercept and plot the point. Step 2: From the y-intercept, use the slope to find the second point and plot it. Step 3: Draw a line to connect the two points.
The basic concepts of socialism are as follows; the main idea is that people should live in an egalitarian society where everybody would contribute as much as he can and take as much as he needs, this would give us a society where everybody would be equally well off and nobody would have less. Everything would also be state owned - this has been a solution that happened in the past.
In my opinion, pure socialism cannot succeed but perhaps using some things from it could be very beneficial.
