c) State the meaning of Socialism and Capitalism.
Answers
Explanation:
Socialism is an economic system in which there is government ownership (often referred to as “state run”) of goods and their production, with an impetus to share work and wealth equally among the members of a society. ... The focus in socialism is on benefitting society, whereas capitalism seeks to benefit the individual.
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.capitalism and socialism is that both systems consider labor and capital to be the primary economic forces. Both capitalism and socialism agree that the world is composed of a variety of natural resources that are for the most part value-neutral until human labor imparts value to them.
Answer:
Socialism is a form of government in which most forms of property, including at least the major means of production and natural resources, are owned or controlled by the state. The aim of public ownership is to ensure that production is responsive to the needs and desires of the general population and that goods and services are distributed equitably.
Capitalism is a widely adopted economic system in which there is private ownership of the means of production. Modern capitalist systems usually include a market-oriented economy, in which the production and pricing of goods, as well as the income of individuals, are dictated to a greater extent by market forces resulting from interactions between private businesses and individuals than by central planning undertaken by a government or local institution. Capitalism is built on the concepts of private property, profit motive, and market competition.