An economic system where many of the factors of production are collectively owned and there is an attempt to equalize incomes is:

Name: An economic system where many of the factors of production are collectively owned and there is an attempt to equalize incomes is:
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Question

Quizplus · Accepted Answer

Socialism is characterized by collective or governmental ownership and administration of the means of production and distribution of goods, aiming to achieve a more equal distribution of wealth and income.

An Economic System Where Many of the Factors of Production