Media Credits
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Tyson Brown, National Geographic Society
Author
National Geographic Society
Production Managers
Gina Borgia, National Geographic Society
Jeanna Sullivan, National Geographic Society
Program Specialists
Sarah Appleton, National Geographic Society, National Geographic Society
Margot Willis, National Geographic Society
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Check out these retro videos from Encyclopedia Britannica’s archives. - Britannica Explains
In these videos, Britannica explains a variety of topics and answers frequently asked questions. - Demystified Videos
In Demystified, Britannica has all the answers to your burning questions. - #WTFact Videos
In #WTFact Britannica shares some of the most bizarre facts we can find. - This Time in History
In these videos, find out what happened this month (or any month!) in history.
- Student Portal
Britannica is the ultimate student resource for key school subjects like history, government, literature, and more. - COVID-19 Portal
While this global health crisis continues to evolve, it can be useful to look to past pandemics to better understand how to respond today. - 100 Women
Britannica celebrates the centennial of the Nineteenth Amendment, highlighting suffragists and history-making politicians. - Britannica Beyond
We’ve created a new place where questions are at the center of learning. Go ahead. Ask. We won’t mind. - Saving
Earth
Britannica Presents Earth’s To-Do List for the 21st Century. Learn about the major environmental problems facing our planet and what can be done about them! - SpaceNext50
Britannica presents SpaceNext50, From the race to the Moon to space stewardship, we explore a wide range of subjects that feed our curiosity about space!
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- Science
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- Visual Arts
- World History
- On This Day in History
- Quizzes
- Podcasts
- Dictionary
- Biographies
- Summaries
- Top Questions
- Week In Review
- Infographics
- Demystified
- Lists
- #WTFact
- Companions
- Image Galleries
- Spotlight
- The Forum
- One Good Fact
- Entertainment & Pop Culture
- Geography & Travel
- Health & Medicine
- Lifestyles & Social Issues
- Literature
- Philosophy & Religion
- Politics, Law & Government
- Science
- Sports & Recreation
- Technology
- Visual Arts
- World History
- Britannica Classics
Check out these retro videos from Encyclopedia Britannica’s archives. - Britannica Explains
In these videos, Britannica explains a variety of topics and answers frequently asked questions. - Demystified Videos
In Demystified, Britannica has all the answers to your burning questions. - #WTFact Videos
In #WTFact Britannica shares some of the most bizarre facts we can find. - This Time in History
In these videos, find out what happened this month (or any month!) in history.
- Student Portal
Britannica is the ultimate student resource for key school subjects like history, government, literature, and more. - COVID-19 Portal
While this global health crisis continues to evolve, it can be useful to look to past pandemics to better understand how to respond today. - 100 Women
Britannica celebrates the centennial of the Nineteenth Amendment, highlighting suffragists and history-making politicians. - Britannica Beyond
We’ve created a new place where questions are at the center of learning. Go ahead. Ask. We won’t mind. - Saving
Earth
Britannica Presents Earth’s To-Do List for the 21st Century. Learn about the major environmental problems facing our planet and what can be done about them! - SpaceNext50
Britannica presents SpaceNext50, From the race to the Moon to space stewardship, we explore a wide range of subjects that feed our curiosity about space!
What is the economic system where the government owns all of the means of production and private property doesn't exist?
Key Takeaways. Socialism is an economic and political system based on collective ownership of the means of production. All legal production and distribution decisions are made by the government in a socialist system.
Is an economic system in which the means of production are owned by the government?
Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government. Socialism is based on the idea that common or public ownership of resources and means of production leads to a more equal society.
What is the economic system in which the means of production are owned privately and individuals are free to keep the profits they make?
Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.
What is the economic system of production?
An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.