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Question
Show the difference between capitalism and socialism system of economy.
Show the difference between capitalism and socialism system of economy.
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Solution
Capitalism
1. Total Private Ownership
2. Market Forces
3. Class distinction
4. Production for profit
Socialism
1. Limited Private Ownership
2. Government and Private Entities
3. Limited Class Distinction
4. Production for Societal Needs
Capitalism
1. Total Private Ownership
2. Market Forces
3. Class distinction
4. Production for profit
Socialism
1. Limited Private Ownership
2. Government and Private Entities
3. Limited Class Distinction
4. Production for Societal Needs
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