ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use rather than for profit.

Detailed explanation-3: -Socialism is an economic and political theory that advocates collective ownership of the means of production, distribution and exchange. Collective ownership is otherwise called public or common ownership.

Detailed explanation-4: -Main Features of Socialist Economy: In socialism, all means of production are owned by the community, i.e., Government, and no individual can hold private property beyond certain limit. Therefore, it is government who utilises these resources in the interest of social welfare.