Keyword Analysis & Research: definition of socialism for dummies exam

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What does socialism mean for Dummies?

Socialism is an economic system where everyone in society equally owns the factors of production. 1  That ownership is acquired through a democratically elected government or through a cooperative or a public corporation in which everyone owns shares.

What is the true meaning of socialism?

Socialism is an economic, social, and political theory advocating collective or governmental control and administration of a country’s means of economic production.

What is a good explanation of socialism?

Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production. It includes the political theories and movements associated with such systems. Social ownership can be public, collective, cooperative, or of equity. While no single definition encapsulates the many types of socialism ...

What is the difference between capitalism and socialism?

The main difference between capitalism and socialism is that in capitalism, means of production are owned by private entities whereas, in socialism, means of production are owned by the government or public. Capitalism and socialism are basically two opposing economic systems.

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