In ________ economies, all productive resources are owned and controlled by the government.
Show answer & explanation
Correct answer: B
Explanation
The correct option is option 2 i.e. Socialist.
| Socialist economy | A socialist economy is a system of production where goods and services are produced directly for use, in contrast to a capitalist economic system, where goods and services are produced to generate profit (and therefore indirectly for use), therefore creating competition in the market. |
| It means that production under socialism would be directly and solely for use. |