Question

mention 2 features of Socialism​

Answer 1

Answer:

In a socialist economy, there is great equality of income distribution as compared with a free market economy. The elimination of private ownership in the means of production, private capital accumulation, and profit motive under socialism prevent the amassing of large wealth in the hands of a few rich persons.

Answer 2

Answer:

(i) Collective Ownership:

(ii) Economic, Social and Political Equality:

(iii) Economic Planning:

(iv) No Competition:

(v) Positive Role of Government:

(vi) Work and Wages According to Ability

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