In socialism: Multiple select question. individuals own some smaller businesses and property government owns and operates some basic industries such as steel mills, utilities, or transportation citizens rarely work in government-operated organizations. taxes and unemployment tend to be low

A political and economic system known as socialism is, broadly speaking, one in which the state or government typically controls property ownership and the means of production. Socialism is predicated on the notion that a more egalitarian society results from collective or public ownership of resources and manufacturing equipment.

What benefits does socialism have?

Everybody has access to essential goods under the socialist system, even those who are unable to contribute. As a result, the system works to reduce the amount of poverty in the community.

What is socialism's primary objective?

Social equality, a wealth distribution based on one's contribution to society, and an economic system that would benefit society as a whole are among socialism's main goals.

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Tutorconsortium319 Tutorconsortium319 · Answer 2 · 2022-07-21T15:43:52+02:00

In socialism some of the basic businesses are owned by the government.

Which is better capitalism or socialism?

Contrary to what socialists claim, capitalism, with all of its flaws, has been found to be the most effective economic system for lifting the majority of people out of poverty and transforming them into valuable members of society both in the United States and around the world.
Keep in mind that whereas socialism encourages mediocrity, capitalism honors excellence.

What does socialism mean?

Generally speaking, a socialist political and economic system is one in which the state or government has control over property ownership and the means of production.
Socialism is based on the idea that collective or public ownership of resources and production machinery leads to a more equal society.

What benefits does socialism have?

Under the socialist system, everyone has access to necessities, even those who are unable to contribute.
As a result, the system attempts to lower the level of poverty in the neighborhood.

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