.An economic system whereby the government controls the means of production and shares the wealth of the nation equally is called  _____________a. Communismb. Capitalism c.c. Socialismd. Oligarchy.

In which economic system is distribution done according to the principle ‘from each person according to his needs and ability’.a. Communismb. Capitalismc. Socialismd. Oligarchy.

The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:Group of answer choicescapitalismScratchsocialismScratchcommunismScratchpublic enterpriseScratchlaissez faireScratch

An economic system based on complete freedom of trade and little, if any, government control is known as:Group of answer choicescapitalismScratchutopianismScratchsocialismScratchdemocratic economyScratchprivatization

The system that is based on a free market economy where individuals are allowed to own private property, businesses, industries, and farms. Individuals have the right to start their own businesses and profit from their hard work is referred to by what term?CapitalismCommunismRadicalismSocialism

The form of government whereby a single person, political party, or organized group controls many if not all facets of life in the nation is called a _____ system.