BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -In Socialism, the economic and political models involve ownership by the government. All individuals in the society have equal access to resources and hence the exploitation and inequality is minimal.

Detailed explanation-2: -Socialists favour a more equal distribution of wealth and income within society. This is in sharp contrast to liberals and to some extent conservatives who favour equality of opportunity (albeit for slightly different reasons).

Detailed explanation-3: -Thus, the very logic of the functioning of the socialist system was such that it ruled out any over-production crises, any unemployment and any tendency toward growing income or wealth inequality among individuals.

Detailed explanation-4: -The characteristics of social democracy include state-owned enterprises, centralized economic planning, a classless society, equal opportunity for all individuals, and a government-controlled price system.

Detailed explanation-5: -Socialist ideals include production for use, rather than for profit; an equitable distribution of wealth and material resources among all people; no more competitive buying and selling in the market; and free access to goods and services.