Which of the following economic systems in which the state makes almost all economic decisions and owns almost all the major factors of production,including housing for its people?

Question

Quizplus · Accepted Answer

The economic system described in the question is communism, in which the state owns and controls nearly all major aspects of the economy, including property and housing. Capitalism is an economic system in which individuals and private businesses make market-based decisions, while socialism can range from government ownership of some industries, to a mixed economy with both private and public ownership. A mixed economy involves both private and government ownership or control of industries and resources.

Which of the Following Economic Systems in Which the State