ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Which is evidence that the United States workforce is largely a meritocracy? Job opportunities are increasing for highly skilled jobs. Job opportunities are decreasing for midlevel jobs. Highly skilled jobs pay better than low-skill jobs.

Detailed explanation-2: -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-3: -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-4: -Communism is the system that socialism is supposed to grow into, over time. 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.