Final answer:
Socialism is a system where property and production means are collectively owned, aiming for equitable wealth distribution. Social democracy balances capitalism and socialism for a fairer society with political freedom.
Explanation:
Socialism is an economic and political system where property and the means of production are collectively owned, often by the state. It aims for more equal outcomes and distribution of wealth through state control. Social democracy, such as seen in countries like Denmark and Sweden, combines elements of capitalism and socialism to achieve a more equal society while maintaining political freedom.
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