Question

(b) Two key proponents each of Capitalism and Socialism. Give examples of two countries
where each economic system is prevalent​

Answer 1

Answer:

The capitalist economic model relies on free market conditions for the creation of wealth; the production of goods and services is based on supply and demand in the general market.

Explanation:

From the above question,

A Capitalist Economy is a system where private entities control the factors of production like labour, natural resources or capital goods. A Socialist Economy is an economic system where the factors of production like labour, natural resources or capital goods are under the control of the government.

Both capitalism and socialism are both used to describe economic and political systems. On a theoretical level, both of these terms also describe specific schools of economic thought. One of the most fundamental differences between the systems of capitalism and socialism lies in the scope of government intervention within an economy.

Most countries are mixed economies, falling somewhere on the spectrum between pure capitalism and pure socialism.

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