01. What is Capitalism? Basic features of capitalism.
02. What is Socialism? Basic features of socialism.
03. Compare between capitalism and socialism.
04. Which system do you prefer for modern state system?
Answers
Answer:
01.Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary exchange and wage labor.
02.A socialist economy is characterised by public ownership of the means of production and distribution. There is collective ownership whereby all mines, farms, factories, financial institutions, distributing agencies (internal and external trade, shops, stores, etc.), means of transport and communications, etc.
03.Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources.
04.Can't give the answer
Explanation:
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1.Capitalism is a economic system in which all means of production are owned by private individuals. Market forces like demand and supply control the economic activities.
- private property
- private sector
- mechanism
- profit motive
- consumer sovernity
- individual freedom
2. Socialism is an economic system in which all means of production are owned by the state and government. central planing authority controls all economic activities.
- no private property
- public sector only
- Social welfare
- equality
- planing
- lack of individual freedom.
3. Capitalism;
Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources.
Socialism;
Socialism is an economic and political system under which the means of production are publicly owned. Production and consumer prices are controlled by the government to best meet the needs of the people.
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