An economic system in which the state owns and controls the means of production is known as

An economic system in which the state owns and controls the means of production is known as a socialist economy. In a socialist economy, the government or state owns and controls major industries such as healthcare, education, transportation, and energy. The goal of a socialist economy is to provide equal access to goods and services for all citizens, regardless of their income or social status. The state also controls the distribution of wealth and resources, and the production of goods and services is based on the needs of society rather than the profit motive of individuals or corporations. This means that private property is limited, and individuals cannot accumulate wealth beyond a certain limit. Therefore, a socialist economy is characterized by state ownership and control of the means of production, with the goal of achieving social equality and providing basic needs for all citizens.