Which of the following terms refers to an economic system in which the government owns and controls all types of economic activity?

Question

Quizplus · Accepted Answer

Socialism is an economic system in which the means of production are owned and controlled by the government or the community as a whole. This means that the government plays a central role in managing the economy and allocating resources, rather than leaving these decisions to the free market.

Which of the Following Terms Refers to an Economic System