An economy in which the ownership and management of the means of production are in the hands of the government is known as a .

socialist economy

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

capitalist economy

No worries! We‘ve got your back. Try BYJU‘S free classes today!

mixed economy

No worries! We‘ve got your back. Try BYJU‘S free classes today!

public economy

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A socialist economy
In some countries, the government takes control of the economy and owns and manages all the means of production. Such an economy is known as a socialist economy. Unlike a capitalist economy, the goal of a socialist economy is to achieve social welfare.

Suggest Corrections

Similar questions

Q. In a mixed economy, the ownership and management of which of the following means of production are in the hands of government and private individuals?

Q. "Ownership and management of means of production is in the hands of private individuals." This comes under which type of economy?

Q. Identify the economic system in which the ownership and management of the means of production are in control of private players?

In a Centrally Planned Economy, the three aspects of Ownership, Production, and Allocation are all controlled by the government or the central planning authority.

Q. This economic system is controlled by the government, which owns and manages all the means of production. The goal of such an economy is to achieve social welfare.

Which countries have such an economic system?

Join BYJU'S Learning Program

An economy in which the ownership and management of the means of production are in the hands of the government is known as a .

The correct option is A socialist economyIn some countries, the government takes control of the economy and owns and manages all the means of production. Such an economy is known as a socialist economy. Unlike a capitalist economy, the goal of a socialist economy is to achieve social welfare.

The correct option is A socialist economy
In some countries, the government takes control of the economy and owns and manages all the means of production. Such an economy is known as a socialist economy. Unlike a capitalist economy, the goal of a socialist economy is to achieve social welfare.