Socialism Is Defined as

question 5

Multiple Choice

Socialism is defined as

• A) an economic system under which all property is communally owned and no social distinctions are made on the basis of people's ability to produce.
• B) an economic system in which the means of production are largely in private hands and the main incentive for economic activity is the accumulation of profits.
• C) an economic system under which the means of production and distribution are collectively owned.
• D) None of these answers is correct.

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Definitions:

Bargaining Unit

A group of employees with a clear and identifiable community of interests who are represented by a single labor union in collective bargaining.

Certification

The process of verifying the attributes, characteristics, or quality of someone or something, often resulting in a formal document.

Refuses to Bargain

Occurs when an employer or union does not engage in good faith negotiation over wages, hours, and other terms of employment.

Hiring Hall

A place operated by a labor union or an employer association where workers are matched with available jobs, typically in the maritime and construction industries.