A socialist economy is a system in which the government or a collective owns and controls the means of production. This can include industries, businesses, and other economic resources. In a socialist economy, the profits generated by these entities are distributed among the population, rather than being concentrated in the hands of a few individuals or corporations.
There are many different ways to make money in a socialist economy. One common way is through employment. The government or other collective entities may own and operate businesses and industries, and they may hire workers to staff these organizations. Workers are then paid wages or salaries for their labor.
