Explain about social-democracy, Microeconomics

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Q. Explain about Social-Democracy?

Social-Democracy:It's a reformist political strategy that aims to win certain improvements in social and economic conditions under capitalism, without challenging underlying precepts of wage labour and production for profit.

Socialism: An economic system in that most wealth is controlled or owned collectively (through other public institutions, state or non-profit organizations) and operation of markets is influenced or managed through regulation and planning.

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