That's one idea. One I participated in for a few years. Although the idea of competition isn't necessarily accurate. That's a capitalist concept where your goal is maximum profit. Infinite growth through the capture of a market. And one that a collective must contend with.

There's also the difficulty of working within the framework of capitalist law.

For example, if an anarchist organisation chose to enact freedom from association, collectively, against one member. The whole collective refuses to work with this member any more for some justifiable reason. They are clearly therefore no longer a member of the collective. But if not done wisely the ex member could take the organisation to court for breach of employment law.

Put simply, the law in many countries is written to oppose this form of ownership in many subtle and annoying ways.

https://en.wikipedia.org/wiki/Workers'_self-management

These sound like simple questions with simple answers but it all depends on the flavour of socialism. As you can see here, there's a lot to choose from!

Some wish for a gradual transition where we tax the billionaires until there's no longer billionaires, some wish for a sudden change where the billionaires are executed. And of course there's many ideas in between these two. Some wish for some form of government, some wish for the abolition of government. Whose idea is correct? Is there one single correct way? That's for you to determine for yourself. There's no point me saying my views because who's to say I have the correct idea. Leftists are famous for their infighting after all, arguing over whose way is the correct way.

But the broad idea is you would no longer be compelled to work through risk of starvation, homelessness, or lack of healthcare. No longer have to constantly fight for better pay and working conditions.

Some forms of socialism still wish to use money, some wish to abolish money. You see how your questions, which seem simple are actually kind of difficult? But they all think Joe shouldn't have to kill themself working 50h a week, for somebody else, just to afford a home and a belly full of food.

Joe, and people like Joe, run the cheese factory, so they and their community should benefit from the value created by the cheese factory. Not someone who stumped up some cash 20 years ago to buy the factory, so now has a bit of paper that says it is theirs, and has never even been inside it.

The book I linked does cover some of your questions though, I highly encourage giving it a read.