ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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people are free to produce whatever they wish and to buy whatever they can afford.
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the government controls every aspect of the economy.
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the government owns large businesses, but private ownership of small businesses is encouraged.
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there is a mix between different types of economies.
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Detailed explanation-1: -Socialism is a social and economic doctrine that calls for public rather than private ownership or control of property and natural resources.
Detailed explanation-2: -All legal production and distribution decisions are made by the government in a socialist system. The government also determines all output and pricing levels and supplies its citizens with everything from food to healthcare.
Detailed explanation-3: -Answer: (i) Socialists were against private property. They saw it as the root of all social evils. (ii) Socialists favoured society as a whole rather than single individually owned property, more attention would be paid to collective social interests.
Detailed explanation-4: -Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government.