The economic system characterized by public ownership of the means of production, the pursuit of collective goals, and centralized decision making is known as

Name: The economic system characterized by public ownership of the means of production, the pursuit of collective goals, and centralized decision making is known as
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Socialism is an economic system where the means of production are owned publicly or collectively, and decisions are made centrally to achieve collective goals.

The Economic System Characterized by Public Ownership of the Means