Step-by-step explanation: A socialist economy may be described as a system whereby factors of production including goods and services are generally explored and processes in other to serve and benefit the people. In socialism, resources are deemed to be owned by all members of the public and as such total control resides with the government who makes decision on production, processing and sales of the resources to serve useful benefit for the people. The socialist econmoy opposes the capitalist form of government whereby goods and services are generated in other to yield profit.
