The term “socialism” has been applied to very different economic and political systems throughout history, including utopianism, anarchism, Soviet communism and social democracy. These systems vary widely in structure, but they share an opposition to an unrestricted market economy, and the belief that public ownership of the means of production (and making money) will lead to better distribution of wealth and a more egalitarian society.
Socialism describes any political or economic theory that says the community, rather than individuals, should own and manage property and natural resources.
The term “socialism” has been applied to very different economic and political systems throughout history, including utopianism, anarchism, Soviet communism and social democracy. These systems vary widely in structure, but they share an opposition to an unrestricted market economy, and the belief that public ownership of the means of production (and making money) will lead to better distribution of wealth and a more egalitarian society.
Specialization refers to a method of production whereby the
producer concentrates on producing limited goods in order to achieve high
levels of efficiency and productivity. An example is producing clothes because of
the existence of the raw materials and technology to produce them efficiently.
The buyer gains in terms of low prices
