ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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seek a fairer distribution of income among all members of society
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create a classless society with cooperation from everyone
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create competition based on supply & demand
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adhere to traditional customs of producing goods.
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Detailed explanation-1: -The goal of socialism is to create a society in which everyone has an equal share of resources and wealth. Socialist Economy is based on the principle of collective ownership. This means that the resources of society, such as land, factories, and businesses, are owned by the community, and not by private individuals.
Detailed explanation-2: -A primary goal of socialism is social equality and a distribution of wealth based on one’s contribution to society, and an economic arrangement that would serve the interests of society as a whole.
Detailed explanation-3: -Socialism is a social and economic doctrine that calls for public rather than private ownership or control of property and natural resources. According to the socialist view, individuals do not live or work in isolation but live in cooperation with one another.
Detailed explanation-4: -A socialist country is vastly different from countries that practice capitalism. The main goal of a socialist society is to end exploitation and improve the quality of life of their citizens. In a socialist society the logic of the profit dosen’t exist so normally things will be cheaper and divided equally.
Detailed explanation-5: -Public or collective ownership of the means of production. Central planning of the economy. Emphasis on equality and economic security. Goal of reducing class distinctions.