Answer:
Socialism is defined as an economic and political theory which covers economic and social systems that advocate that the means of production and distribution should be owned, controlled and regulated by the whole community.
Step-by-step explanation:
In socialism, it is believed that social ownership can be collective, public or cooperative. Socialist has the believe that all things available in the society is made possible by the collective, collaborative and cooperative efforts of the people/citizens that make up the society.
In the socialist system, there are:
1. Non-market socialism
2. Market socialism