A system in which the means of production is held in trust for the people by government is known as a?

Assessment: JAMB UTME - Economics - 1993 Subject: Economics

Question 1 Report

A system in which the means of production is held in trust for the people by government is known as a?
Answer Details
A system in which the means of production is held in trust for the people by the government is known as a socialist economy. In this system, the government owns and controls major industries and resources such as land, factories, and utilities, and is responsible for distributing wealth and resources to the citizens. The goal is to promote social welfare and reduce economic inequality by ensuring that resources are used for the benefit of the whole society, rather than for the benefit of a few individuals or corporations.
Read lesson note on Economic Systems (JAMB)
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