CLEP Microeconomics Exam Prep

Answer - C - Socialism features a goal of fair distribution of wealth and wages that are negotiated between managers and trade unions.

Key Takeaway: It is fairly common to confuse socialism with communism when looking at economies of different governments. Both socialism and communism focus upon a fair distribution of wealth and wages. In communism, however, the legislators all form a single party to be in charge of distributing the wealth. In socialism, there is not a single party that rules the economy.