Question

differentiate between socialism and capitalism

Answer 1

Capitalism	Socialism
1. An economic system based on private or corporate ownership on trade and industry.	1. An economic system based on government ownership on economic activities.
2. Advocates innovation and individual goals.	2. Advocates equality and fairness in society.
3. Prices are determined by market forces.	3. The government determines the prices.
4. There exists very high competition among firms.	4. No competition exists between firms.
5. Profit is the main motive. Each individual works for making wealth for its own.	5.Public service and welfare is the main motive.The wealth is shared for the benefit of all.