Question

An economic system in which the government owns the means of production and cooperative management of the economy determines how goods and services are produced and distributed is called --

Answer 1

Socialism is an economic system in which there is government ownership of goods and their production, with an impetus to share work and wealth equally among the members of a society.

Step-by-step explanation:

Socialism is an economic system in which there is government ownership (often referred to as "state run") of goods and their production, with an impetus to share work and wealth equally among the members of a society. Under socialism, everything that people produce, including services, is considered a social product. Everyone who contributes to the production of a good or to providing a service is entitled to a share in any benefits that come from its sale or use. To make sure all members of society get their fair share, governments must be able to control property, production, and distribution.

Answer 2

An economic system in which the government owns the means of production and cooperative management of the economy, and determines how goods and services are produced and distributed is called a "planned economy"