In layman's terms what is socialism?

Answer 1

Socialism is basically when the government regulates the economy . It's a little less liberal than Communism but similar . It's generally considered the opposite of Capitalism (when the government leaves the economy up to the people to control) just as aren't truly Capitalist . A lot of Communist countries are actually Socialist . Hope this helped :)
Socialism is an economic system where the ways of making money (factories, offices, etc.) are owned by a society as a whole, meaning the value made belongs to everyone in that society, instead of a small group of private owners. People who agree with this type of system are called socialists.

Answer 2

The simplest definition of socialism is that it is a political and economic system that seeks a radical equality for all people in terms of their wealth, political power, and morality, regardless of individual effort, desires, or prior possessions in these regards.

Answer 3

Socialism is a political system that provides all citizens with their survival needs, even those that cannot participate economically - due to mental disabilities, age, or poor health.

Answer 4

Socialisim is going out at the weekends meeting up with people and being social.

Someone who goes out a lot and hangs out with they friends is a socialist.