Final answer:
Socialism is an economic system that promotes public ownership and equitable distribution of resources, emphasizing collective management of production and fair share for all contributors. Considering as option number a, b, c and d, option number b is correct.
Step-by-step explanation:
The statement describes socialism, an economic and political system advocating for public rather than private ownership of property and natural resources. In a socialist system, production and distribution are managed collectively, often by the state, ensuring that each individual who contributes towards the creation of goods and services receives a fair share of the benefits.
Socialism contends that people should live cooperatively and that the labor and wealth generated should be distributed equally. This system allows for some private property but emphasizes government regulation to ensure goods and resources are shared based on the needs of the community. Moreover, socialism can have various forms, including state socialism or democratic socialism, with some nations implementing socialized systems for essential services such as healthcare while still maintaining a capitalist market economy overall.