socialism meaning in economics
Answers
Explanation:
Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production and democratic control, such as workers' self-management of enterprises.
Answer:
Socialism is an economic and political theory that advocates collective ownership of the means of production, distribution and exchange. Collective ownership is otherwise called public or common ownership. The means of production, distribution and exchange will be held in a central system and they are owned collectively or the government maintains their ownership. In an absolute socialist system, the means of production, distribution and exchange are controlled by the government. Decisions pertaining output and prices of goods and services are made by the government. Socialism aims to achieve an equitable society in which goods and services are equally distributed.