In terms of production, Socialism believes that the best and most efficient way to produce goods for a society is for the government to control the production chain.
Unlike a free market economy were the invisible hand of market determines what would be produced, how it will be produced and for whom it will be produced, socialism believes in the complete opposite.
Socialism believes that the 'invisible hand of the market' is unfair in its distributed of production and services and the government can control the process to make it more efficient and fair for everyone.
However, time and again, we have seen both in socialist Soviet Union and communist China that government control of production can led to vast inefficiencies that literally ruin generations.