Economy, asked by gurungnivaan, 6 months ago

difference between capitalist and socialist economy

Answers

Answered by scientist331

Answer:

Key Takeaways

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.

Answered by Anonymous

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. There are also different aims of the economic systems.

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