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

.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.

An economic system based on competition in the marketplace and private ownership of the factors of production is known as:Group of answer choicescapitalismScratchutopianismScratchsocialismScratchdemocratic economyScratchprivatization

With a communist economy system:Group of answer choicesthere is complete freedom of tradeScratchconsumers can expect a mixed economic reactionScratchthere are strong incentives for workersScratchbasic industries such as railroads and utilities are owned by government, while other industries are owned by the private sectorScratchnone of the above is true

___________ is an economic system in which the means of production and distribution are privately owned and operated for profit. (1 word)