Question

write a paragraph comparing the ideas of capitalism and socialism. how were they similar or different?

Answer 1

SOCIALISM :

✔ Economic activities of the country are controlled an owned by the government.

✔All means of production are socially owned .

✔It is less efficient.

✔It is based upon the principle of equality.

_____ ______ ______ ______

CAPITALISM :

✔Economic activities are owned privately or corporate ownership of trade and industry.

✔All means of production are privately owned.

✔It is more efficient.

✔ It is based on the principle of individual rights.

_____________ ____________

THANK YOU

@SRK

Answer 2

Answer:

✔️✅ Capitalism:Capitalism is based on private ownership of means of production, supply and demand forces determine the prices.The objective of production is profit maximization and concentration of power or wealth will be in few hands.. and the resources are controlled by the capitalist and there is no individual freedom or equality of opportunities..

✔️✅ Socialism: Under socialism the means of production under the control of the government.There will be centralised planning mechanism,the objective of production is welfare of the state and people and socialism opposes concentration of power or wealth.The individual freedom and equality of opportunities are given high priority...

❣️❣️ Mark this answer in brainilest ❣️❣️