ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Socialism is an economic and political system based on collective ownership of the means of production. All legal production and distribution decisions are made by the government in a socialist system.

Detailed explanation-2: -Definition: Progressive tax is the taxing mechanism in which the taxing authority charges more taxes as the income of the taxpayer increases.

Detailed explanation-3: -Examples of socialism include public infrastructure, social security, public transportation, and fire protection services among others. The socialist ideology is widely visible in the US, even if we don’t think about it every day, and even if we tend to think of the nation as being a bastion of capitalism.

Detailed explanation-4: -Socialism is both an economic system and an ideology (in the non-pejorative sense of that term). A socialist economy features social rather than private ownership of the means of production.