Socialist societies care about fairness. In a socialist economy, the government redistributes wealth. The government taxes the rich to finance the country's poor. This economy guarantees equal opportunities and results. Ideally, in this socialist society, there is not much of a pay gap between the CEO of a company and a regular cashier. Property is not vital in a socialist society. The state owns everything for the benefit of the community. The government owns most of the means of production. This economy doesn't have much incentive to reduce costs because there is no competition. Since the government owns the businesses, there is not much unemployment because the state would provide jobs even if they are not essential or beneficial. Socialism allows for total state ownership of businesses, so the government also determines prices. In this case it is the State and not the market or the consumer's choice that determines the price of the items. To keep everyone equal, the state controls prices so that the price of goods is not too high and there is not a large profit margin