A socialist economy is also known by which other names?

1. Socialism is defined as a way of organising society in which major industries are owned and controlled by the government. 2. The textbook states that a socialist economy is also known as a planned economy or a command economy. 3. A free economy, or laissez faire, is the alternative name the book gives for a capitalist economy, so option A belongs to the opposite system. 4. Its features include public ownership of the means of production, central planning, maximum social benefit, absence of the price mechanism and a classless society. 5. Among its listed merits is the end of trade cycles, and among its demerits the absence of incentive for efficiency. _Source: TN HSC Class 12 Economics (Samacheer Kalvi, Govt of Tamil Nadu), Ch 1 "Introduction to Macro Economics", §1.7.2_