Which type of economic system places natural resources and the means of producing goods and services under collective ownership?

Question

Quizplus · Accepted Answer

Socialism is the economic system that places natural resources and the means of producing goods and services under collective ownership. In this system, the government or society as a whole owns the property and directs resources towards the benefit of society as a whole. This stands in contrast to capitalism, where private individuals or businesses own the means of production, and a mixed economy, where both private and government ownership exist. Feudalism is an economic system that existed in medieval Europe, and while it did involve some collective ownership of resources, it is not a modern economic system.

Which Type of Economic System Places Natural Resources and the Means