Question

This is an economic system where the government controls the major means of production but property and other businesses may be privately owned.

Answer 1

Mixed economic system

Step-by-step explanation:

A mixed economic system is a mix between the command and market economy. In a mixed economy, the government is in charge of major means of production and in charge of regulation to ensure fairness while other businesses are privately owned.

In a command economy, it is the government that owns all the means of production.

In a free market economy, there's no government intervention and the private sector is in charge of all production decisions.

The advantages of a mixed market economy:

1. Limited government intervention in the market ensures the economy runs more efficiently.

2. Government regulation ensures that the market runs fairly.

3. Consumers have more choices on products to buy.