Question

Distinguish between Socialism and Capilatism. ​

Answer 1

Explanation:

• 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.

Answer 2

Answer:

SOCIALISM- In Socialism, production is for use: useful goods and services are produced specifically for their usefulness.

CAPITALISM- In capitalism, production is for profit: useful goods and services are a by- product of pursuing profit.

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