SSC MTS EXAM

Detailed explanation-1: -The fundamental difference between capitalism and socialism is the ownership and control of the means of production. In a capitalist economy, property and businesses are owned and controlled by individuals. In a socialist economy, the state owns and manages the vital means of production.

Detailed explanation-2: -A socialist economy is a system of production where goods and services are produced directly for use, in contrast to a capitalist economic system, where goods and services are produced to generate profit (and therefore indirectly for use). “Production under socialism would be directly and solely for use.

Detailed explanation-3: -A socialist economic system is characterized by social ownership and democratic control of the means of production.