Question

In terms of production, what best describes the difference between capitalism and socialism?

Answer 1

On terms of production, the differences between capitalism and socialism are as :-
In the capitalist system, the means of production are used to generate profits for owners or shareholders. In addition, there is an emphasis on individual earnings and not on benefiting workers or society as a whole.
On the other hand, in the socialist system, the production is adjusted by the State to meet human needs as well as economic demands. It means that only what is useful and necessary will be produced.