You have done an outstanding job, Super Student Agent! Let's look at one more economic system. A socialist economic system is an economic system where major industries are owned and controlled by the government rather than by individuals and companies. A socialist economic system features programs run by the state that provide services for all citizens such as free education and medical care.

Societies with socialist economic systems can be found in many countries around the world. Click on the stars on the map below to see examples of socialist economic systems.

In a socialist economy, the means of production are usually owned and controlled by the state. A socialist economic system differs from a communist economic system because the government does not make all of the economic decisions of the society; instead the control of goods and services benefits the entire society.

A socialist economy differs from a free enterprise system in that there is an increased level of government involvement in a socialist economic system.