Socialism is an economic system where the means of production - like factories, land, and resources - are owned and controlled by the community as a whole.
Imagine if your school's cafeteria was run on socialist principles. Instead of each student buying their own lunch individually, everyone would contribute what they could (in terms of money or labor), then all students would have equal access to the meals produced.
Communism: An extreme form of socialism where all property is publicly owned and each person works according to their abilities but receives according to their needs.
Marxism: The political theory derived from Karl Marx advocating class war leading to a society in which all property is publicly owned.
Democratic Socialism: A political philosophy supporting political democracy within a socially owned economy.
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