Question

what is the basic difference between capitalist and socialist economy?​

Answer 1

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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

capitalised economy is owned by private company and socialist economy is owned by govt .