GK
WORLD GEOGRAPHY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
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A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
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An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.
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Original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution
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Detailed explanation-1: -Socialism is a political philosophy and movement encompassing a range of economic and social systems, which are characterised by social ownership of the means of production, as opposed to private ownership.
Detailed explanation-2: -Socialism is a populist economic and political system based on collective, common, or public ownership of the means of production. Those means of production include the machinery, tools, and factories used to produce goods that aim to directly satisfy human needs.
Detailed explanation-3: -The general socialism definition, broadly speaking, socialism is a political and economic system in which the means of production and property have public ownership and are not controlled by the government.