ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Democratic socialism propagates the socialist ideas in context with a democratic system. Society and economy in a Democratic Socialism are said to be run by the elected government. Through centralized planning, means of production are distributed equally in society, and everyone’s need is met.

Detailed explanation-2: -Socialism is a social and political philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a society. Communism is a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the government.

Detailed explanation-3: -ideology, a form of social or political philosophy in which practical elements are as prominent as theoretical ones. It is a system of ideas that aspires both to explain the world and to change it.

Detailed explanation-4: -Socialism is a political philosophy and movement encompassing a range of economic and social systems, which are characterised by social ownership of the means of production, as opposed to private ownership.

Detailed explanation-5: -Socialism is a social and economic doctrine that calls for public rather than private ownership or control of property and natural resources. According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another.