GOVERNMENT

JAMB 2003 - Question 16

Government 2003 JAMB Past Questions - Question 16: Socialism is a mode of production based on

Choose the most appropriate option for the gap .
Socialism is a mode of production based on
A:
B:
C:
D:
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Correct Answer

A

Explanation

Socialism is a mode of production based on state ownership ofmeans of production. Socialism is an economic andpolitical ideology in which there is collective ownership and control of themeans of production, distribution and exchange by the state in the interest ofthe people. From the definition, it should benoted that the state controls the means of production, distribution andexchange. A look at someof the features of socialism will also establish the state ownership of meansof production and they are as follows:(1) There is usually a single recognized political party.(2) The economy is centrally planned and controlled.(3) Factories, land and other means of productionare owned by the state.(4) It encourages equality, social justice andprovision of welfare services.