Socialism is an economic system based on the principle of collective ownership and control of the means of production, distribution, and exchange. Synonyms for socialist economics include collectivism, communism, worker control, common ownership, shared ownership, democratic socialism, cooperatives, planned economics, and the public good economy. These terms all refer to economic philosophies that prioritize equitable distribution of resources, elimination of class distinctions and exploitation, and social welfare. While different forms of socialism exist, they all aim to create economic systems that prioritize the well-being of communities over individual profit and encourage collaboration, equality, and social justice.