with reference to Capitalism and Socialism, state the following:
Difference between Capitalism and Socialism in terms of control over means of production
and profit
Two boy proponents each of Capitalism and Socialism Give examples of two countries
where each economie system is prevalent
What according to you is better of the two economic systems? Give reasons to support
answer
Answers
Answer:
In a purely socialist system, all means of production are collective or state- owned. Some countries incorporate both the ...
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.
Explanation:
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.
In a socialist economic model, the production of goods and services is either partially or fully regulated by the government. This is referred to as central planning, and the economic structure that is created is known as a planned economy or a command economy.
KEY TAKEAWAYS
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.
In a socialist economic model, the production of goods and services is either partially or fully regulated by the government; this is referred to as central planning, and the economic structure that is created is known as a planned economy or a command economy.
Most countries are mixed economies, falling somewhere on the spectrum between pure capitalism and