Question

Socialists prefer Co-operation to Competition and favour Collectivism over
Individualism. Mention the three key features of Socialism.
Describe the differences or dissimilarities between Capitalism and Socialism​

Answer 1

Answer:

Capitalism vs. Socialism: An Overview

The terms capitalism and socialism are both used to describe economic and political systems. On a theoretical level, both of these terms also describe specific schools of economic thought. One of the most fundamental differences between the systems of capitalism and socialism lies in the scope of government intervention within an economy.

The capitalist economic model relies on free market conditions for the creation of wealth. The production of goods and services is based on supply and demand in the general market. This economic structure is referred to as a market economy.