One drawback of socialism is that it may result in a reduction in the individual's incentive to work hard.
Level of Learning 1: Knowledge of key terms

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In a socialist system where resources are distributed based on need rather than individual achievement, individuals may have less of an incentive to work hard or innovate since they will still receive the same benefits as someone who does not work as hard. This is seen as one of the drawbacks of socialism.

One Drawback of Socialism Is That It May Result in a Reduction