Deprecated: Return type of AdvancedAds\Abstracts\Data::offsetGet($offset) should either be compatible with ArrayAccess::offsetGet(mixed $offset): mixed, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/erudites/web/erudites.ng/public_html/wp-content/plugins/advanced-ads/includes/abstracts/abstract-data.php on line 431
A Political System In Which The State Owns And Controls The Major Means Of Production Is Known As? - Erudites Academy

A political system in which the state owns and controls the major means of production is known as?

by | Nov 10 | Government WAEC | 0 comments

A. feudalism
B. socialism
C. fascism
D. capitalism

Correct Answer: Option B

B. socialism

Explanation

Socialism, social and economic doctrine that calls for public rather than private ownership or control of property and natural resources. it is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

Users Also Read These:

Copyright warnings! Do not copy.

Earn Your Degree In 3 Years Without Writing UTME. Click Here To Learn More.