In a ____ economic system, resources are collectively owned and the focus is on equitable distribution, contrasting with the private ownership characteristic of capitalism.

In a socialist economic system, the resources and means of production are owned collectively, which means that they belong to the community or the government rather than individual people. This system aims to ensure that everyone has equal access to resources, like healthcare, education, and housing, so that wealth is distributed more fairly among all citizens. For example, in a socialist country, the government may provide free healthcare to everyone, ensuring that no one has to pay out of pocket and everyone receives the same quality of care. This contrasts with capitalism, where individuals can own property and businesses, leading to wealth accumulation for some while others may struggle. The key idea in socialism is fairness and equality, focusing on meeting the needs of all people rather than maximizing profits for a few.