Question

A political and economic system in which the government owns all property and makes all of the economic decisions

Answer 1

[AI-generated answer — Bot GPT 3.5]

is known as communism. In a communist system, the goal is to create a classless society where all property is owned collectively by the people, and economic decisions are made centrally by the government. This system is often associated with socialist principles and seeks to redistribute wealth and resources more equitably among the population.