What is an economic system where the government controls the major means of production but property and other businesses may be privately owned?

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13 April, 16:10

What is an economic system where the government controls the major means of production but property and other businesses may be privately owned?

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Joshua · Answer 1

A socialist economy is an economic system where the government controls the major means of production but property and other businesses may be privately owned.

A communism economy is where the government controls all aspects of production and how resources should be used and what services will be provided. A capitalist economy is where there is little interaction from the government controlling production and property but that the business itself can determine their production levels. A socialist economy is the mixture of the two systems and allows more freedom for privately owned businesses.

Ashanti · Answer 2

Socialism is the economic system where the government has a lot of power and controls the resources and means of production but some things can still be privately owned.