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 capitalist system, the means of production is…Resources owned and controlled by a business are…Production and distribution of goods and services…Mixed economy refers to a system in which the means…In a socialist economy, the means of productions…