THE CHARACTERISTICS OF SOCIALISM

Let’s expand our knowledge about having socialism in society and let’s tackle about what are the
characteristics of socialism. Socialism is a system of ideas, especially It basis about economic.
where the factor of production in society is equally, equal distribution of wealth and income.

State, produce goods and services in government factories and farms. It gives the distribution of
goods to the people by itself. All the factors of production are owned by the state. The
government owns the land and factories. There is no private sector. Socialism attempts to reduce
the difference between the rich and the poor. It aims at a classless society and eliminates class
struggle by giving equal opportunity to work. The planning authority prepares plan for utilized
the resources of the economy, productions and distribution. The price mechanism will be
suppressed. Suppressed means is unable to raise prices to reflect increasing product cost. The
state provides all social security measures such as unemployment benefit and health insurance.
Production is done not for profit, but for social use. Even if there is any profit, it will go to the
state.

The four factors of production are labor, entrepreneurship, capital goods and natural resources.
Let’s explain the four factors of production individually. In society labor, is having the right to
refuse unsafe work, and to be informed about potential dangers in workplace, and also having an
equal wages to all employees. In entrepreneurship from the word socialism, means to socialize or
to invest to the other entrepreneurs sharing of production and maintaining of profits about their
production. Capital goods, means they are purchased and used to help your company produce
consumer goods or provide services. Example of Capital goods includes buildings, machines,
and equipment. Last, natural resources such as oil, gas, minerals, and timbers because of this, it
gives nonrenewable and renewable resources to sustained our needs.

The purpose of socialism in society is all beliefs, practices, and employee wages is will be fair to
all people, in short, the socialism makes the society as an equality. There’s no differences
between rich and poor and about in wages in work will be fair also, even if you are competitive
or not competitive employer.

The main Characteristics of Socialism is we have collective ownership, social welfare objective,
reduction in equalities, and central planning.
Collective ownership means all production in economy of society will be owned by the
government. Social welfare objective means the to make a decisions on how to maximize the
profit individually is taken from the government. Reduction of inequalities means all income and
wealth of people will be fair or equal. And central planning means the government who makes a
plan about their production on how to sustain and maintain their needs in present and in the
future.

EXPLAINATION

Having socialism in one state their society will be equal, equal to all people. Like even you are
an competitive or not competitive worker, your all individual income will be fair. In Socialism
there’s no difference in rich and poor, which means they’re not based on your status or class,
even you are poor or rich. in short, there’s no class conflict. Also in socialism makes you to
socialize to the other entrepreneurs to sustain and maintain the production of every company or
their society.

OPINION

As a student, my opinion about having socialism in one state, there is advantages and
disadvantages. One of the advantages of Socialism. Is to gain or maintain production in society,
the government will socialized to the other entrepreneurs or they’re making an investment to
sustain the production of the society, they provide equal access to health care and education. And
also there’s no will be against about discriminated in their status or class even if you are poor or
rich. While the disadvantages of socialism one of there is about income of workers, the income
of all workers is equal even you are hard workers or competitive workers, your income will be
the same to the workers that’s not work to strive hard to gain more reward or in short, not
competitive workers.

REFERRENCES

 www.thebalance.com/socialism-types-pros-cons-examples-33005592
 www.investopedia.com/terms/s/socialism.asp
 IV Ekonomiks ( diwang makabayan sa araling panlipunan) pg. 111