ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Competition brings out the best in people
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Cooperation is the best way for people to coexist
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Everyone works for wealth, which is distributed equally to everyone
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Everyone works for his/her own wealth
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The government only interferes if and when illegal activity occurs
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Detailed explanation-1: -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-2: -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-3: -The characteristics of social democracy include state-owned enterprises, centralized economic planning, a classless society, equal opportunity for all individuals, and a government-controlled price system.
Detailed explanation-4: -In a socialist economic system, the government of the country owns and manages all the wealth and resources by itself. It is also referred to as collective or common ownership of property. Russia is an example of a country that follows a socialist economic system.