WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The development of industries for the machine production of goods.
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An economic system in which the factors of production were owned by the public and operate for the welfare of all.
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The growth of cities and the migration of people into them.
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An economic system based on private ownership and on the investment of money in business ventures in order to make profit.
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Detailed explanation-1: -Socialism definition may vary according to usage. 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.
Detailed explanation-2: -A socialist economy is a system of production where goods and services are produced directly for use, in contrast to a capitalist economic system, where goods and services are produced to generate profit (and therefore indirectly for use).
Detailed explanation-3: -Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government.
Detailed explanation-4: -Socialism is both an economic system and an ideology (in the non-pejorative sense of that term). A socialist economy features social rather than private ownership of the means of production.
Detailed explanation-5: -Socialism is an economic system where the means of production, such as money and other forms of capital, are owned to some degree by the public (via the state). Under a socialist system, everyone works for wealth that is in turn distributed to everyone.