Name four feature of socialsim
Answers
Explanation:
Socialism is an economic system where everyone in society equally owns the factors of production. The ownership is acquired through a democratically elected government. It could also be a cooperative or a public corporation where everyone owns shares. The four factors of production are labor, entrepreneurship, capital goods, and natural resources.Socialists take into account both individual needs and greater social needs. They allocate resources using central planning, as in a command economy. A mantra of socialism is, "From each according to his ability, to each according to his contribution." Everyone in society receives a share of the production based on how much each has contributed. This system motivates them to work long hours if they want to receive more. Workers receive their share of production after a percentage has been deducted for the common good.
Socialists assume that the basic nature of people is cooperative. They believe that this basic nature hasn't yet emerged in full because capitalism or feudalism has forced people to be competitive.
Socialists argue that the economic system must support this basic human nature before these qualities can emerge.
Examples of the greater social needs include transportation, defense, education, health care, and preservation of natural resources. Some also define the common good as caring for those who can't directly contribute to production. Examples include the elderly, children, and their caretakers.