In a socialist economy, factors of production are owned and controlled by the? By: Sunday|Published on: Jul 31|Categories: Economics WAEC| 0 comments A. citizens B. businessmen C. government D. foreigners Correct Answer: Option C – government Users Also Read These:A major disadvantage of a socialist economy is that?Production and distribution of goods and services…In a capitalist system, the means of production is…Mixed economy refers to a system in which the means…In a capitalist economy; factors of production are…SEE ALSO Which of the following is NOT a source of government revenue?