In a ______ system, the government owns all of the nation's major industries but still allows private ownership in less crucial areas.

Question

Quizplus · Accepted Answer

The economic system described in the question is a form of socialism. Socialism is defined as a system where the means of production, distribution, and exchange are owned and regulated by the community as a whole, typically through the government. In this system, the government owns all major industries (such as healthcare, education, and utilities), but still allows private ownership in less crucial areas (such as small businesses or personal property). This is different from communism, where all property is owned communally and there is no private ownership, and capitalism, where all property is privately owned and regulated by market forces. A mixed economy, on the other hand, combines elements of both socialism and capitalism, with a mix of government and private ownership and regulation.

In a ______ System, the Government Owns All of the Nation's