Which of the following is a primary characteristic of socialism as an economic system?

A primary characteristic of socialism as an economic system is the emphasis on collective ownership or control of resources and means of production. This means that instead of individuals or private companies owning everything, the community or the government manages these resources for the benefit of everyone. For example, in a socialist system, a factory that produces cars may be owned by the government, which ensures that profits are used to improve public services like education and healthcare. This approach aims to reduce inequality and provide basic needs for all citizens, rather than allowing wealth to accumulate in the hands of a few. Overall, socialism focuses on cooperation and shared welfare rather than competition and individual profit.