Question

What are the characteristics of socialism and capitalism ​

Answer 1

Answer:

Socialism:

• Public ownership. One of the primary components of a socialist economy is that it has public property entirely on the production facilities.
• Self-managed economy. Decision making, decentralized mechanism of allocation of resources, and autonomous self-regulating economic units are the three factors on which a decentralized or a self-managed economy is based.
• Centralized Planning. The central planning authority is the one that undertakes takes the planning and functioning of the socialist economy.
• Political Socialism. Socialist is a collective term that is used by few politicians as political the right.
• Definite objectivism. The socialist economy usually operates within pre-defined objectives. These objectives are generally socio-economic.

Capitalism:

1. Private Property and Freedom of ownership:

2. Right of Private Property:  

3. Price Mechanism:

Explanation:

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Answer 2

Answer:

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Explanation:

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.