Which of the following concepts describes a government-controlled economy?

The concept that describes a government-controlled economy is socialism. In a socialist system, the government typically takes a significant role in the allocation of resources, production of goods and services, and distribution of wealth. The primary aim is to reduce income inequality and provide a safety net for all citizens, which is often achieved through policies such as public ownership of key industries and services.

Socialism emphasizes collective ownership and regulation to ensure that economic activity serves the interests of society as a whole rather than individual profit. The social safety net provided under socialism includes public healthcare, education, and welfare programs aimed at ensuring equitable access for all citizens, aligning closely with the idea of government control over various aspects of the economy.

In contrast, capitalism emphasizes private ownership and free markets, with minimal government intervention. Fascism and feudalism have distinct characteristics as well; fascism is often authoritarian and centralized but can still maintain elements of capitalism, while feudalism is based on a hierarchical system of land ownership and obligations rather than a structured economic approach by the government. Understanding these distinctions is crucial for grasping the underlying principles of different economic systems.