An economic system where both the public and individuals own and control means of production is known as ……… system

Step 1: Analyze the question The question asks for the economic system in which both the government (public) and private individuals own and control the means of production.

Step 2: Explain the concepts

• Capitalism: means of production are owned mainly by private individuals, with profit as the driving motive.
• Communism: the state owns all means of production, and private ownership is essentially abolished.
• Socialism: the government owns and controls the major means of production, with limited private ownership.
• Mixed economy: the public sector (government) and the private sector (individuals) both own and control resources and production.
• Welfarist: this is not a standard economic system. It refers to a state policy of providing social welfare.

Step 3: Match the definition The key phrase is "both the public and individuals". That describes a mixed economy. Nigeria is a good example. The government runs institutions like NNPC and the power sector, while individuals and companies run businesses such as Dangote Group, retail shops, and farms.

Step 4: Answer The correct option is C. mixed.

Tip: Link each system to its owner:

• Capitalism = private
• Communism/Socialism = state
• Mixed = private + state

When you see "both" in an Economics question about ownership, think "mixed."