Question

Explain the difference between capitalism and communism?

Answer 1

Capitalism is an economic system in which the trade and industry of the economy is owned and controlled by private individuals, to make profit. Communism refers to social system in which country's trade and industry are controlled by the community and the share of each individual relies on his ability and needs.

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Answer 2

Explanation:

• 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.
• Capitalism is an economic system in which the trade and industry of the economy is owned and controlled by private individuals, to make profit.
• Communism refers to social system in which country's trade and industry are controlled by the community and the share of each individual relies on his ability and needs.