What economic system primarily focuses on collective ownership of the means of production?

The correct choice highlights an economic system characterized by collective ownership of the means of production, which is a fundamental principle of socialism. In a socialist economy, resources and production facilities are often owned and controlled by the state or the community as a whole, rather than by individual private owners. This approach aims to reduce inequalities and provide for the needs of all members of society, emphasizing cooperation and social welfare.

In socialism, the state's role is enhanced in planning and directing economic activity to ensure equitable distribution of resources. This system contrasts sharply with capitalism, where the means of production are privately owned, and the market largely dictates the distribution of goods and services based on profit motives.

By focusing on collective ownership, socialism seeks to promote social equity and eliminate the exploitation commonly seen in capitalist systems, where the profit motive can lead to significant disparities in wealth and power. Thus, the emphasis on collective ownership is what distinguishes socialism from other economic systems.