Question

Differentiate between Socialism and Communism (Write in points)​

Answer 1

In a nutshell, these two economic systems differ on their objectives as well as their structures of ownership and production. In a capitalist economy, also known as a free-market or market economy, private individuals and enterprises own the means of production and the right to profit from them. In a socialist economy, by contrast, the government owns and controls the means of production, and public officials regulate trade, the flow of capital, and other resources. Some countries have elements of both in what's know as a mixed economy.