Question

If a society's government has complete control over production and pricing, what type of economy does it have?

Option 1: Capitalist
Option 2: Mixed
Option 3: Socialist
Option 4: Traditional

Answer 1

In a socialist economy, the government has complete control over production and pricing, different from capitalist, mixed, and traditional economies.

Step-by-step explanation:

If a society's government has complete control over production and pricing, this type of economy is known as a command or socialist economy. In this economic system, the government owns or directs the means of production and allocates resources and distributes goods and services to the population. This is distinct from a capitalist economy where individual firms and consumers interact in a market to make decisions about production and pricing. A mixed economy features elements of both command and market systems, and a traditional economy is organized around the customs and traditions of a society.

So, to answer the question directly, Option 3: Socialist best describes an economy where the government has complete control over production and pricing.