distinguish between socialism and capitalism
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In a capitalistic society, individuals and businesses aim to earn a profit with the production of their investment and labor in a free market operating largely by supply and demand. Socialism is when the government owns and/or controls productive enterprises. A mixed economy is aspects of both.
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Capitalism encourages innovation and individual goals while Socialism promotes equality and fairness among society. In the socialist economy, the resources are state-owned but in the case of the capitalist economy, the means of production are privately owned.
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