Socialism is an economic system characterized by:
A) private ownership of resources and market decision-making.
B) government ownership of resources and centralized decision-making.
C) cooperation, sharing, and little central government.
D) a complex structure of rules and traditions that dictates decision-making.

Question

Quizplus · Accepted Answer

Socialism is an economic system where resources are owned by the government and the decision-making is centralized. This is in contrast to capitalism where resources are privately owned and market decision-making is utilized. Choice A is more reflective of a capitalist system. Choice C is more reflective of communalism. Choice D is not a characteristic of socialism.

Socialism Is an Economic System Characterized By