Question

(02.06 mc)

which of the following is true about socialism?

• it is an economic system characterized by ownership of the means of production by all the people.
• it is an economy that follows free market natural laws but allows some government regulation.
• it is an economic system in which market forces determine prices and allocation of resources.
• it is an economic system in which the means of production are controlled by individuals.

Explanation:

Socialism is an economic and political theory advocating for collective or governmental ownership and administration of the means of production and distribution of goods. In a socialist system, the resources and industries are owned and controlled by the community as a whole (often represented by the state or public cooperatives) to ensure a more equitable distribution of wealth, rather than being owned by private individuals or driven solely by market forces.

Answer:

A. It is an economic system characterized by ownership of the means of production by all the people.