Question

Socialism is A. An economic system that abolishes all private ownership in favor of a classless society. B. An economic system in which the government owns the resources and distributes them to meet social needs. C. An economic system in which all resources are privately owned and markets determine how they are distributed. D. The creation of large human networks through the use of social media.

Answer 1

Socialism is an economic system in which the government controls the resources and gives them to meet social requirements.

Step-by-step explanation:

Socialism is an industrial and political system.

It is an economic idea of social organization.

Socialism believes that the things that are related to money are under the rule of the government.

That means the government will take care about money and meets the needs of public.

People who are using these needs are called as socialists.