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set prices for goods and services
set prices for goods and services
A socialist system
Set prices for goods and services.
a country's ability to produce goods and services
Neither: it is capitalist.
Economic planning is a challenge for a socialist country. Major hurdles are the following:* What should be produced, and in what quantities;* Determining the most efficient method to realize the first decision;* Decisions and policies that measure when older production facilities should be replaced by new technologies; and* Designing an orderly and efficient way to distribute produced goods to the population.
There are no socialist countries in Europe.
With many goods and countries, it means a country has some goods that it does not (and cannot competitively) produce.
A corporation can be managed and structured in a socialist (co-operative) way in a capitalist economy. But it cannot be run in a socialist way (produce goods and services for use) in a capitalist economy, otherwise it would not survive in the market. A corporation can be organized as a co-operative, with workers collectively owning the corporation, with internal democracy. But that is the limit to how socialist it can become. It will not be able to operate as a full socialist organization as long as it exists in a capitalist economy.
Those are called exports. Every country has different goods that they produce and export to other countries.
The best description of the Russian economy before 1985 was a socialist economy. The socialist economy focused on the production of goods for the use of the country and humans needs and not for the accumulation of capital wealth.