Question

COCLUSION FOR ECONOMIC SYSTEM CAPITALISM SOCIALISM AND MIXED ECONOMY

Answer 1

Mixed economy is the best as it contains both of capitalist and socialist

The main difference between capitalism and socialism is the extent of government intervention in the economy.

A capitalist economic system is characterised by private ownership of assets and business. A capitalist economy relies on free-markets to determine, price, incomes, wealth and distribution of goods.

A socialist economic system is characterised by greater government intervention to re-allocate resources in a more egalitarian way.

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