Question

Social or Collective Ownership, Central Planning Authority and Social Welfare are the features of which type of economy?

• A. Socialism
• B. Communism
• C. Imperialism
• D. Capitalism

Answer 1

Answer:

A. Socialism

Socialism is an economic and political philosophy encompassing diverse economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. Socialism is an economic and political philosophy encompassing diverse economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. It describes the economic, political, and social theories and movements associated with the implementation of such systems.