In a socialist economy, factors of production are owned and controlled by the? by Sunday | Jul 31 | Economics WAEC | 0 comments A. citizens B. businessmen C. government D. foreigners Correct Answer: Option C – government Users Also Read These:In a socialist economy, the means of productions…Mixed economy refers to a system in which the means…A major disadvantage of a socialist economy is that?In a socialist economy, prices of commodities are…An economic system in which most means of production…