Question

List two differences of ideas between capitalist and socialist people

Answer 1

Explanation:

Capitalist people:

Ownership and poverty are in the hands of private individuals.

Main aim is to achieve maximum profit.

Germany, Japan, the UK have adopted capitalist Type of economy

Socialist people:

some are in the hands of private individuals and some are owned by the government.

There is a balance between profit and social welfare.

The India, Sweden,The UK have adopted socialist type of economy.

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