socialism
Definition
Socialism is an economic and political system where there is public ownership or control over means of production, with a focus on equitable distribution of wealth among all members of society.
Analogy
Imagine a group project where everyone contributes equally, shares resources, and receives equal rewards at the end - that's socialism!
Related terms
Communism: This term refers to a more extreme form of socialism where there is no private ownership at all, with all goods and services being owned collectively.
Capitalism: This term describes an economic system based on private ownership where individuals pursue their own self-interests in order to generate profit.
Welfare State: This term refers to a system in which the government provides social welfare programs such as healthcare, education, and unemployment benefits for its citizens.
Are you a college student?
Study guides for the entire semester
200k practice questions
Glossary of 50k key terms - memorize important vocab
Resources
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.