Question

Mention any two difference between capitalism and socialism

Answer 1

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$\underline{\pink{\bold{Socialism: }}}$

In a socialist economy, the state owns and controls the major means of production. In some socialist economic models, worker cooperatives have primacy over production. Other socialist economic models allow individual ownership of enterprise and property, albeit with high taxes and stringent government controls.

$\underline{\green{\bold{capitalism : }}}$

In a capitalist economy, property and businesses are owned and controlled by individuals. The production and prices of goods and services are determined by how in-demand they are and how difficult they are to produce. Theoretically, this dynamic drives companies to make the best products they can as cheaply as they can, meaning that consumers can choose the best and cheapest products. Business owners should be driven to find more efficient ways of producing quality goods quickly and cheaply.

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Answer 2

Answer:

The main difference between capitalism and socialism is the extent of government intervention in the economy. A capitalist economic system is characterised by private ownership of assets and business. A capitalist economy relies on free-markets to determine, price, incomes, wealth and distribution of goods.

Explanation:

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