Socialism Is Defined as

question 131

Multiple Choice

Socialism is defined as

• A)a totalitarian political system in which one or a few people control all government and economic decisions.
• B)a political system in which the masses (the people)rule-i.e., make all political decisions.
• C)an economic system in which the means of producing goods and services are collectively owned.
• D)an economic system based on commercialization of the means of production-i.e., private individuals invest money in public businesses.

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Definitions:

New Technologies

Current and emerging technological advancements that have the potential to significantly alter industries, economies, and lifestyles.

Streamline Systems

The process of simplifying operations and procedures to improve efficiency and reduce unnecessary steps or costs.

Total Quality Management

A comprehensive approach to long-term success through customer satisfaction, emphasizing continuous improvement of processes and products.

Self-Managing Work Teams

Groups of employees granted the autonomy to plan, execute, and monitor their work activities with minimal direct supervision.