Answer:
society.
Explanation:
Socialism can be defined as an economic, social and political theory which asserts that the method of exchange, distribution, as well as the means of production of goods and services and ownership of properties should be controlled or regulated by the public (government) rather than the private sector. Thus, everyone living in the society has an equal share of the means of production used in producing the goods and services.
In a socialist economic system, the government who represents the people is saddled with the responsibility of deciding what is produced or made in the country and how they shall be produced. Also, prices and supply of goods and services is typically controlled by the government.
Generally, socialists who are typically pro-socialism; believe that people should cooperate to produce what is best for society.
Hence, key industries are owned or controlled by the government under socialism. Some examples of socialist countries are Vietnam, Cuba, China, etc.
