Question

Socialism is __________. a) an economic system based on private property and market exchange. b) an economic system where the government owns property and controls production. c) an economic system organized without private property and based on the principle that individuals should be able to consume societal resources based on their needs, not their ability. d) an economic system where buyers, sellers, and producers engage in the exchange of commodities and services.

Answer 1

Answer:

The correct answer is B. An economic system where the government owns property and controls production.

Explanation:

Socialism is an economic system where everyone in society equally owns the factors of production.

Under socialism, workers are no longer exploited because they own the means of production. Profits are spread equitably among all workers according to their individual contribution. But the cooperative system also provides for those who can't work. It meets their basic needs for the good of the whole society.

The system eliminates poverty. It provides equal access to health care and education. No one is discriminated against.