Question

Distinguish between socialism and capitalism

Answer 1

Socialism:- is a range of economic and social systems characterised by social ownership and democratic control of the means of production, as well as the political theories and movements associated with them. 

Capitalism:-an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
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Answer 2

Answer:

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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