Socialism is defined as "any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods" So I've been wondering what exactly is "means of production"? Also, when a country nationalizes it's oil, what does that mean? And it seems that countries that have nationalized their oil have cheap gas prices.. yeah..
Means of production is exactly that - the means used to produce. Anything used in production of goods. Machines, factories, tools. When a country nationalizes its oil, it basically means that private companies don't own/manage oil. The oil production is handled by the State, or the government that claims ownership of the resources.
"Means of production"- capital goods (goods used to make other goods), and thus the labor force (indirectly) is controlled by the government.