Which term describes the belief that government should control businesses for the benefit of all citizens?

Which term describes the belief that government should control businesses for the benefit of all citizens?

• A. Capitalism
• B. Socialism
• C. Communism
• D. Liberalism

Answer: (B)

The term that describes the belief that government should control businesses for the benefit of all citizens is socialism. Socialism advocates for collective or governmental ownership of the means of production and distribution of goods, positing that this control is necessary to achieve economic equality and protect the interests of the community as a whole. In socialist theory, the focus is on reducing class distinctions and ensuring that everyone has access to essential services and resources, which can entail significant government involvement in various sectors of the economy. This contrasts with capitalism, where businesses are owned privately, and market forces determine production and prices, often resulting in unequal distributions of wealth. Communism shares similarities with socialism but typically involves a more radical approach, often advocating for a classless society in which all property is communally owned. Liberalism, on the other hand, focuses on individual rights and freedoms and typically supports a market-based economy with limited government intervention.

The term that describes the belief that government should control businesses for the benefit of all citizens is socialism. Socialism advocates for collective or governmental ownership of the means of production and distribution of goods, positing that this control is necessary to achieve economic equality and protect the interests of the community as a whole.

In socialist theory, the focus is on reducing class distinctions and ensuring that everyone has access to essential services and resources, which can entail significant government involvement in various sectors of the economy. This contrasts with capitalism, where businesses are owned privately, and market forces determine production and prices, often resulting in unequal distributions of wealth.

Communism shares similarities with socialism but typically involves a more radical approach, often advocating for a classless society in which all property is communally owned. Liberalism, on the other hand, focuses on individual rights and freedoms and typically supports a market-based economy with limited government intervention.