Final answer:
Socialism is characterized by the public ownership of the means of production, which distinguishes it from private ownership found in capitalism. The government typically manages key industries to provide social services and redistribute wealth. Variations like market socialism introduce some capitalist practices within a socialist framework.
Step-by-step explanation:
A characteristic of socialism (and communism) is the public ownership of the means of production. This contrasts with capitalism, where the means of production are primarily owned by private individuals or corporations. In socialism, the government, representing the community, often owns and manages key industries and resources to redistribute wealth and provide social programs such as health care and education. Different forms of socialism vary in the extent of government control, with some permitting private ownership of non-essential businesses.
In contrast to socialism, communism involves direct governmental ownership and control of all means of production, operating under a command or planned economy. Market socialism is a subtype that incorporates elements of capitalism, like allowing limited private ownership or taking market demands into account, often used in mixed economies.