Which of the following is a characteristic of socialism?

Question

Quizplus · Accepted Answer

Socialism is an economic and political system in which the means of production, distribution, and exchange are owned and controlled by the community as a whole, typically through the state. This means that private ownership (A), market competition (B), profit motive (C), and investment (D) are generally not emphasized in a socialist system.
Instead, the emphasis is on collective goals (E), such as providing for the needs of all members of society and promoting equality. Socialism aims to reduce economic and social inequality and ensure that all members of society have access to basic necessities like food, shelter, and healthcare. This is achieved through a planned economy, where the state allocates resources and determines production levels based on social needs rather than market demand.

Which of the Following Is a Characteristic of Socialism