Question

Mention main elements of socialism.

Answer 1

Answer:

Main Features of Socialist Economy:

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

Answer 2

The main elements of socialism are :

•Collective ownership,a good political system,and positive role of a government .

•Socialism is defined as the system in which production and distribution of goods and services is a responsibility of a group of people .

•It implies social and economic equality.

•India is a socialist nation.