write a paragraph differentiating the ideas of capitalism and socialism.
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Answers
Answer:
it is claimed by a racer bike manufacturing company that the race bikes are driven on a average of more than 12,000 kilometres on yearly basis .To the test the company's claim 100 randomly drawn racer bike owners are asked to maintain a record of total distance they travel. Will you favour this companys claim if the randomly selected sample exibit an average of 13,200 kilometres and a standard deviation of 3900 kilometres? Use P value to conclude your answervwith 5% level of significance
Answer:
Capitalism and socialism are two different political, economic, and social systems blended together by countries around the world. Sweden is often considered a strong example of a socialist society, while the United States is usually considered a prime example of a capitalist country. In practice, however, Sweden is not strictly socialist, and the United States is not strictly capitalist. Most countries have mixed economies with economic elements of both capitalism and socialism.
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.