For what purpose are goods and service produced in a socialist economy

The options are missing from the question,the options are;

A) Profits

B) Their usefulness

C) To create demands

D) To meet all consumer needs.

The correct answer to the question is option D

In a capitalist economy,goods and services are being produced for the sole aim of making profits and to accumulate capital, but when we talk about the SOCIALIST ECONOMY,it differs from the capitalist economy and the sole aim is different.

Socialist economy employs a technique known as usage value in the meeting of the needs and wants of the people, this prevents the over production or under production of goods and services based on their rewards and usage.

In socialist economy,goods are services are produced and those goods and services are made directly accessible to the people that is the masses. A scarce economic resources in a socialist economy are being utilized judiciously inorder to meet the needs of the consumers and make them satisfied in every way possible.

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