In a socialist economic system, the government
O owns and controls the people.
O pays little attention to income distribution.
O owns and controls many of the resources.
O rents resources to the people.

Socialism, or the command system, is an economic system where the government owns and controls most of the factors of production. It decides on the allocation of resources and what products and services to avail in the market place.

The proponents of socialism advocate for,

1. Collective ownership of the factors of production through an elected central government.

2.Social equity by eradicating citizen's economic classification.

3. Central planning of the economy.

In a socialist economic system, the government O owns and controls the people. O pays little attention to income distribution. O owns and controls many of the resources. O rents resources to the people.

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In a socialist economic system, the government
O owns and controls the people.
O pays little attention to income distribution.
O owns and controls many of the resources.
O rents resources to the people.