Which of these statements does NOT accurately describe the economic system:
CAPITALISM.
This economic system revolves around private property. Products and services
are provided by individuals who sell on the open market based on supply and
demand.
Definition: an economic system in which the state (government) gains control
over the means of production such as land and natural resources
This economic system follows the concept of "laissez-faire" meaning: "there should
be NO government laws for businesses, so that businesses can make their own decisions about what
prices to charge, what to pay workers, what products to makelsell, etc."

"An economic system in which the state (government) gains control over the means of production such as land and natural resources" is not a correct definition for capitalism.

Capitalism is an economic system based on individuals, companies or corporations owning property or capital (cash or reserves).

Private ownership is sometimes used to mean sole proprietorship, although the term "private" can also be used to refer to shared ownership in the form of corporate ownership. So, in this context, "privately owned" would mean something that is not in state ownership or control and run for profit.

The opposite of capitalism is Communism, which is based on Karl Marx's social and economic critique of capitalism in his book Das Kapital.

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