ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The core essence of socialism meaning is that public ownership of means of production contributes to equality in society. “utopian society”. Socialism meaning is that it creates equality in society and provides a sense of security. People receive a share in the community according to their contributions.

Detailed explanation-2: -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-3: -A socialist economy features social rather than private ownership of the means of production. It also typically organizes economic activity through planning rather than market forces, and gears production towards needs satisfaction rather than profit accumulation.

Detailed explanation-4: -Social ownership of the means of production is the common defining characteristic of all the various forms of socialism. The two major forms of social ownership are society-wide public ownership and cooperative ownership. The distinction between these two forms lies in the distribution of the surplus product.

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.