________ is an economic system in which the means of production are owned in common by the people for their collective benefit.

Question

Quizplus · Accepted Answer

Socialism is the economic system in which the means of production are owned in common by the people for their collective benefit. This means that resources, including factories and land, are controlled and managed by the government or by public cooperatives instead of by private individuals or corporations. The goal of socialism is to promote equality and ensure that everyone has access to basic goods and services, regardless of their ability to pay.

________ Is an Economic System in Which the Means of Production