Question

Differentiate between capitalism and communism,​

Answer 1

Answer:

In a capitalist economy, successes and failures (profits) of individuals and companies determine the allocation of resources. In a communist command economy, the government determines resource allocation. These decisions are typically made based on macro-economic and/or political considerations

Answer 2

In a capitalist economy, production is determined by free market forces such as supply and demand. In a communist economy, the government determines which goods and services get produced and how much is available at any given time.

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