ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Socialism
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Capitalism
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Either A or B
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None of the above
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Detailed explanation-1: -What Is Socialism? 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-2: -Examples of socialism include public infrastructure, social security, public transportation, and fire protection services among others.
Detailed explanation-3: -Socialism aims at establishing a classless society. Socialism aims at social justice, equality and the complete supremacy of the state. Socialism aims at abolishing the capitalist system. It aims at the active participation of the individual in the productive process of the society.
Detailed explanation-4: -It assumes that the form of economic organization, or mode of production, influences all other social phenomena-including wider social relations, political institutions, legal systems, cultural systems, aesthetics, and ideologies. The economic system and these social relations form a base and superstructure.