A. Socialism The definition of socialism is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Socialism considers a world in which all people share the results of production.
Option A
<u>Explanation</u>:
Socialism is considering a world in which productivity is shared with complete social equality where all people are treated equally and have access to resources, there is also a similar theory of Communism but it involves political government's involvement too.
Countries cannot be said as socialist if they don't mention it in their constitution. There are few countries declared as the socialist namely Republic of Angola, Portuguese republic etc. An example is a restaurant owner pays all its staff equally based on the profitability of the business.
