Question

Que:_Write difference between socialism and capitalism.

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Answer 1

Que:_Write difference between socialism and capitalism.

Explanation:

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.

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Answer 2

Answer:

Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources.