Question

Key feature of socialism is ___________.

• A. class/war conflict
• B. private ownership of resources
• C. state ownership of resources
• D. private profit motive

Answer 1

Answer: (C)

state ownership of resources

Key feature of socialism is state ownership of resources. In this system, the means of production and distribution is controlled by the government. The economy is centrally planned by the government so that the useful goods are produced with the objective to look after the needs of the poor section of the society as well. This system also ensures that the disparities in the income distribution becomes lesser.