A system in which the government essentially owns and controls all production is called
A)capitalism.
B)socialism.
C)a market system.
D)a laissez faire system.
E)a mixed economy.

Question

Quizplus · Accepted Answer

Socialism is a system in which the means of production are owned and controlled by the government or the community as a whole. Under socialism, the government plays a significant role in regulating and directing economic activity.

A System in Which the Government Essentially Owns and Controls