Socialism is when ownership of production and distribution is controlled collectively or by the government. The opposite of socialism is capitalism.
socialism
SOCIALISMAny of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy.DEMOCRACYGovernment by the people, exercised either directly or through elected representatives.
Socialism:noun: Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy. Antonyms: capitalism, the profit-system, wage labor, business enterprise, private property
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socialism is a government term referring to ideas or theories that support government ownership of ways of producing and distributing of of goods or merchandise
Concentration on producing and distributing goods for a market which must constantly be enlarged
producing change in government
The economic institution is responsible for producing and distributing goods and services within a society. It encompasses various systems, such as capitalism, socialism, and mixed economies, which dictate how resources are allocated and how goods are exchanged. Through markets, businesses, and government regulation, the economic institution plays a crucial role in meeting the needs and wants of individuals and communities.
Economic System
Sir Thomas Alva Edison.
Economy or "economic system"
A man called Rudolph Steingass invented the fifth wheel and build a company producing and distributing them.