Question

What does the term ‘Socialist’ mean?
A) Wealth should be shared only by the rich
B) Wealth is generated socially and should be shared equally by society
C) Wealth should be shared only by the poor
D) Wealth is generated socially and should not be shared by anyone.

Answer 1

Hint: Socialism is a political, social, and economic philosophy that encompasses a variety of economic and social systems characterised by collective ownership of productive assets. It encompasses the political ideologies and movements that are linked to such structures. Public, collective, cooperative, or equity-based social ownership are all options.

Complete answer:
A socialist is a person who believes that society as a whole, rather than private corporations, should own or control various goods and services. The term "socialist" refers to something that is based on or related to socialism.

A socialist country is a sovereign state in which all members of society own the same amount of production factors. Labor, capital goods, natural resources, and entrepreneurship are the four components of production. Individual and social needs are taken into account in a socialist country. Both types of needs are met by the country's resources.

Education, healthcare, defence, transportation, natural resource protection, and caring for persons who are unable to contribute to production are all examples of social demands (such as children, the elderly and the disabled).

In a socialist society, everyone receives a portion of the product depending on their requirements, and most goods are not purchased with money because they are distributed based on needs rather than means. If a person wants more products, he or she must discover a means to make it one of their essential necessities.

Hence the correct answer is option 'B'.

Note: North Korea, China, Cuba, Vietnam, and Venezuela are among the world's most socialist countries. A socialist country is fundamentally different from a capitalist country. There are two types of socialist systems: non-market and market.