tjp580680 tjp580680

18-06-2024
Social Studies

Answered

The idea that some basic businesses such as steel mills, coal mines, and utilities should be owned and controlled by the government is indicative of a(n) ______ economic system.

A. communist
B. free market
C. socialist
D. capitalist

Answer :

GinnyAnswer GinnyAnswer

18-06-2024

Final answer:

Socialism is an economic system where government owns and controls basic businesses, contrasting with capitalism where most property is privately owned.

Explanation:

Socialism is the economic system where basic businesses such as steel mills, coal mines, and utilities are owned and controlled by the government. This system contrasts with a capitalist economy, where most property is privately owned by individuals or corporations. Within socialism, there are differing views on the extent of government control over the economy.

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