Answer:
Step-by-step explanation:
In a socialist economy, the means of production (such as factories, land, and capital) are owned and controlled by the state or the community as a whole. The state redistributes resources and wealth among its citizens according to their needs.
- In a mixed economy, the means of production are owned by both the private sector and the government. Private individuals or businesses own and operate some industries, while the government owns and controls others. This combination allows for a mix of free market and government intervention.