Question

what is socialism & its characteristics

Answer 1

Public Ownership. It has the public ownership of all the means of production and distribution. This is also known as collective ownership whereby all means are owned, controlled and regulated by the state. In socialist economic system the basic motive of government is not profit but to get targeted objectives.

. Public Ownership
. Planned Economy
. Classes of Society
. State is responsible for basic necessities of life
. Equal Opportunity to all
. Non-existence of competition and limited
. choice of consumer products
. Pricing Mechanism


┈┈┈┈▕▔╲┈┈┈┈
┈┈┈┈┈▏▕┈┈┈┈
┈┈┈┈┈▏▕▂▂▂┈
▂▂▂▂╱┈▕▂▂▂▏
▉▉▉┈┈┈▕▂▂▂▏
▉▉▉┈┈┈▕▂▂▂▏
▔▔▔▔╲▂▕▂▂▂▏

Answer 2

socialism; features, merits & demerits of socialism. a socialist economy is an economic organisation in which the means of the production are owned regulated by the state. that  is why a socialist economy is called a planned economy.