Answer:
The key element in socialism is collective ownership and control of the means of production, with the goal of achieving greater equality and fairness in the distribution of wealth and resources. This can be accomplished through various forms of government intervention, such as nationalization of industries, cooperative enterprises, and progressive taxation. The ultimate aim of socialism is to create a more equal and just society, where every individual has access to the resources they need to fulfill their basic needs and lead a fulfilling life.