ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Competition and Choice
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Government Mandates
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Wealth Redistribution
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Customs and Beliefs
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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: -Socialism is a system in which every person in the community has an equal share of the various elements of production, distribution, and exchange of resources. Such a form of ownership is granted through a democratic system of governance.
Detailed explanation-3: -Ans :Socialism is a system where the government owns and controls the means of production, and all citizens share in the benefits. Ans : The first socialist societies were known as Utopian Socialism, and they were based on the idea of creating a perfect society where everyone was equal.
Detailed explanation-4: -The Marxist definition of socialism is that of production for use-value (i.e. direct satisfaction of human needs, or economic demands), therefore the law of value no longer directs economic activity.