HISTORY
THE INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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an economic system in which the factors of production are owned by the public and operate for the welfare of all.
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an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit.
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Either A or B
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None of the above
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Detailed explanation-1: -What Is Socialism? 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-2: -Socialism is an economic and political system based on public or collective ownership of the means of production that emphasizes economic equality.
Detailed explanation-3: -In its place, he envisioned a society where the government-or the workers themselves-owned and controlled industry. Below are some of the key tenets of socialism: Public or collective ownership of the means of production. Central planning of the economy.
Detailed explanation-4: -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-5: -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). “Production under socialism would be directly and solely for use.