Question

multiple choice 1 point - major industries owned by government - prevents abuses by private corporations - non - essential production done by private industry which type of economic system is described by the characteristics above?
○ market
○ command
○ socialist

Explanation:

1. Analyze each economic system:

• Market system: Private industry dominates, government has minimal control over production. The given characteristics have government ownership of major industries, so not market.
• Command system: Government controls most production, private industry has little role. The given has non - essential production by private industry, so not command.
• Socialist system: Government owns major industries (to ensure public welfare), prevents private corporate abuses, and private industry can operate in non - essential areas. This matches the given characteristics.

Answer:

C. socialist (assuming the options are labeled A. market, B. command, C. socialist)