Answer :
Final answer:
Socialism involves government ownership and control of basic businesses, contrasting with capitalism. It aims to promote equality and social welfare through centralized control.
Explanation:
Socialism is the economic system where basic businesses are owned and controlled by the government. This is in contrast to capitalism, where private individuals own and control the factors of production.
In a socialist system, the government is the primary owner of capital and natural resources, making decisions about their use. This type of economy aims to ensure equality and social welfare through government control.
Examples of industries commonly under government ownership in a socialist system include steel mills, coal mines, and utilities, reflecting the idea that these essential businesses should serve the public good rather than private profit.
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