A key principle of the socialist system of government is the…

JAMB Government 2023 54 views

A key principle of the socialist system of government is the ________.

  1. private ownership of the means of production
  2. minimal government intervention in the economy
  3. equality of opportunity and outcome ✓
  4. power concentrated in the hands of a few elite individuals

Explanation

Socialism focuses on making sure everyone has equal chances and equal results. This means sharing resources fairly among all people.

Private ownership and minimal government are features of capitalism. Power in few hands describes oligarchy.

Socialist systems try to reduce inequality by having the government control major industries and redistribute wealth.

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