What is a straight-out definition of "vertical economy?

What is Socialism Economy? (KID DEFINITION)?

• What is socialism economy? I need help with my project and this one is really hard to find. If I do find it, I don't understand it well :( What is it? (Kid definition please) And can you give 3 real world examples of it. And if you're really nice, 3 more examples places that use this economy. Thanks!!!!

• Answer:

  Socialism= Cooperative e.g sharing is caring, everyone contributes something towards the country e.g. taxes and in return the Government uses it on the public. This attempt is to provide equal opportunities for everyone living in the country. UK is socialist economy because the Government provides welfare system to poor by the money collected ( taxes ) from the public. The money given to the Government trough taxation , vat etc is then used for public expenses, we have free health care system here thanks to socialism, whereas in a Capitalist economy e.g. America they dont. In a socialist economy both the Government and private firms decide on production e.g. deciding what to produce and whom to produce it ( who gets the product ) Whereas in a free market Firms decide what to produce not the Government. Socialist Economy ALSO provides services that make no profit as its in the interest of the Society and since profits cannot be made from, the Free market ( Capitalism ) doesn't provide these goods, so therefore the Government has to provide them. This system is mostly used in Europe and it's very common e.g. in France, Italy, Germany etc etc. Socialist Economy can otherwise be known as Market Economy, and is mixture between Free Market Capitalismsm) and Planned Economy ( Communism ) In that market both thGovernmentnt and the firm have level oresponsibilitieses anIndependencecy, whereas the other tow iain'tnt e.gCapitalismsm Firms control and deice production, CommunisGovernmentnt has the Ultimate Control andecidesds production.