USA HISTORY

Detailed explanation-1: -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-2: -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. However, other differences also exist in the form of equity, efficiency, and employment.

Detailed explanation-3: -Answer: The two differences are as follows (i) The capitalists believed that individuals owned private property whereas the socialists believed that all property belonged to the society as a whole, i.e., to the state.

Detailed explanation-4: -Capitalism is the economic system in the United States. It is a market economy. Capitalism means that people, not the government, own most businesses.

Detailed explanation-5: -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. In capitalism, the production of products is according to the situation in the market.