Question

The system of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy is called _____.

socialism
liberalism
capitalism
utilitarianism

Answer 1

This system is called socialism. This is done to assure fairness to all the people in the community. That's why the government plans the production and distribution of goods in order to balance out things and to be fair to all people.