Question

what is socialist economy and capitalist economy?(4marks)​

Answer 1

Answer:

CAPITALIST ECONOMY

A capitalist economy is relies on free market to determined prices, income , wealth and distribution of good

SOCILIST ECONOMY

socialist economy system is characterised by greater government intervention to re- allocate resources in a more egalitarian way . there are also different aims of economic system

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Answer 2

Answer:

• Capitalist economy -Based on individual initiative and favours maker mechanism.

• Socialist economy -Based on government planning and limitations on private control of resources.

Explanation:

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