An economic system that encourages state ownership and control of the means of production is
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Correct Answer: Option B
Explanation:
Socialism is an economic system that encourages state ownership and control of the means of production. Under socialism, the government owns and manages key industries and resources, and the distribution of goods and services is based on the needs of the society rather than on profit. Socialism aims to reduce economic inequality and to ensure that the benefits of production are shared equitably among all members of society. While communism also advocates state ownership, socialism is generally considered to be a less extreme form of collective ownership.
Socialism is an economic system that encourages state ownership and control of the means of production. Under socialism, the government owns and manages key industries and resources, and the distribution of goods and services is based on the needs of the society rather than on profit. Socialism aims to reduce economic inequality and to ensure that the benefits of production are shared equitably among all members of society. While communism also advocates state ownership, socialism is generally considered to be a less extreme form of collective ownership.