GENERAL KNOWLEDGE

Detailed explanation-1: -In Socialism, the economic and political models involve ownership by the government. All individuals in the society have equal access to resources and hence the exploitation and inequality is minimal.

Detailed explanation-2: -Socialists favour a more equal distribution of wealth and income within society. This is in sharp contrast to liberals and to some extent conservatives who favour equality of opportunity (albeit for slightly different reasons).

Detailed explanation-3: -Low levels of inequality during socialism were largely due to the communist ideology that supported a socialist redistributive command economy.

Detailed explanation-4: -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-5: -Disadvantages of socialism include slow economic growth, less entrepreneurial opportunity and competition, and a potential lack of motivation by individuals due to lesser rewards.