ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Advantages of Socialism According to the socialistic system, each person is guaranteed access to basic goods, even those who are not able to contribute. As a result, the system helps to minimize poverty levels in the society.

Detailed explanation-2: -Socialism does not emphasises on the centrality of community.

Detailed explanation-3: -With socialism, all legal production and distribution decisions are made by the government, with individuals dependent on the state for food, employment, healthcare, and everything else.

Detailed explanation-4: -Socialist economies rely on either the government or worker cooperatives to drive production and distribution. Consumption is regulated, but it is still partially left up to individuals. The state determines how main resources are used and taxes wealth for redistributive efforts.