BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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socialism
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communism
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fascism
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Detailed explanation-1: -The general socialism definition, broadly speaking, socialism is a political and economic system in which the means of production and property have public ownership and are not controlled by the government.
Detailed explanation-2: -Similarly, the Oxford Dictionary defines socialism as. 1 A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Detailed explanation-3: -Socialism is a populist economic and political system based on collective, common, or public ownership of the means of production. Those means of production include the machinery, tools, and factories used to produce goods that aim to directly satisfy human needs.
Detailed explanation-4: -Capitalism is an economic system characterized by private ownership of the means of production, especially in the industrial sector, with labor paid only wages.
Detailed explanation-5: -In the other, socialism, the state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits.