What is the definition of Socialism?

I hear of Socialism being "putting your people first", or "where the workers own the means of production", or "where there is no private property". How do you define it?

The most basic definition of socialism is that it's the opposite of individualism. It is therefore a system or way of thinking that puts the "society" before the individualist interests.

Socialism is simply an economic system in which the economic well being of society as a whole is placed above the economic well being of the individual. That is in a Socialist economy the economic needs of all people living in a society are looked after and considered more important than the economic needs of the individual. Like Leon said Capitalism is an economic system that is based on the idea of individualism while Socialism is placed on the idea of collectivism.