Question

Mention 4 feature of socialism

Answer 1

Socialism refers to the ownership of materials to satisfy the needs and requirements of whole society .

Features of Socialism

1. Public ownership
2. Central planning
3. Definite objectives
4. Equality of income distribution .

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Answer 2

Answer:

Explanation:

The main features of socialist economy are as follows:

(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 and Needs: