Socialism is an economic system in which there is

Question

Quizplus · Accepted Answer

Socialism involves collective control of production, which means that ownership and decision-making power over the means of production are in the hands of the community as a whole rather than in the hands of private individuals. This is different from a capitalist system, which is based on private ownership of property and the pursuit of individual profit. Considerable competition between businesses is also not a characteristic of socialism, as competition is seen as leading to inequality and instability rather than equitable distribution of resources.

Socialism Is an Economic System in Which There Is