USA HISTORY

Detailed explanation-1: -Capitalism refers to an economic system where private businesses can have ownership of capital goods. As per capitalism meaning, individuals can privately own means of production.

Detailed explanation-2: -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-3: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.

Detailed explanation-4: -The command economy, also known as a planned economy, requires that a nation’s central government own and control the means of production.

Detailed explanation-5: -In a purely socialist economy, the collective owns and controls the means of production; personal property is allowed, but in the form of consumer goods.