Socialism is __________. a) an economic system based on private property and market exchange. b) an economic system where the government owns property and controls production. c) an economic system organized without private property and based on the principle that individuals should be able to consume societal resources based on their needs, not their ability. d) an economic system where buyers, sellers, and producers engage in the exchange of commodities and services.

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jayyyb3639 jayyyb3639

03-01-2020
Business

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Socialism is __________. a) an economic system based on private property and market exchange. b) an economic system where the government owns property and controls production. c) an economic system organized without private property and based on the principle that individuals should be able to consume societal resources based on their needs, not their ability. d) an economic system where buyers, sellers, and producers engage in the exchange of commodities and services.

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khaqanelahi khaqanelahi · Answer 1 · 2020-01-04T10:12:56+01:00

Answer:

The correct answer is B. An economic system where the government owns property and controls production.

Explanation:

Socialism is an economic system where everyone in society equally owns the factors of production.

Under socialism, workers are no longer exploited because they own the means of production. Profits are spread equitably among all workers according to their individual contribution. But the cooperative system also provides for those who can't work. It meets their basic needs for the good of the whole society.

The system eliminates poverty. It provides equal access to health care and education. No one is discriminated against.

chibuikeumeh chibuikeumeh · Answer 2 · 2021-11-18T11:04:59+01:00

The most suitable definition of socialism from the list is "an economic system where the government owns property and controls production" (B).

Socialism can best be defined as an economic where the government controls production, A socialist economy does not favor private ownership of the factors of production.

What the socialist economy tends to archive is the satisfaction of needs rather than the accumulation of gains or profit. There is the belief of social ownership.

Thus, we can conclude that socialism is a system whereby, their is no private ownership of the means of production.

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