Which of the following best describes socialism?

Socialism is best described as a political and economic theory that supports community ownership of resources. This definition emphasizes the core idea of socialism, which centers around the idea that the means of production, such as factories, land, and resources, should be owned or regulated by the community as a whole, rather than by individual private owners. This approach aims to promote equality and reduce the inequalities associated with capitalism, where wealth and resources tend to accumulate in the hands of a few.

In a socialist system, the focus is on the collective good and ensuring that everyone has access to basic needs and services, such as healthcare, education, and housing. The intent is to create a system that prioritizes social welfare and community well-being over individual profit, which is a fundamental aspect of other economic theories. Socialism seeks to redistribute resources more equitably among the population, in contrast to systems that allow for private ownership that can lead to disparities in wealth and power.

Overall, the answer reflects the foundational principles of socialism, highlighting its emphasis on community versus individualistic ownership and profit motives.