COMMUNISM SOCIALISM AND CAPITALISM
COMMUNISM CONCEPT TYPES EXAMPLE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In socialism, the goverment controls the means of production; whereas, capitalism focuses on the private owner.
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In socialism, the goverment provides subsidies for small buisnesses; whereas, capitalism only depends on the corporations to spark the economy.
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In socialism, the goverment does not provide any form on humanitarian aid; whereas, capitalism funds small buisness with tax relief.
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In socialism, the government controls what the consumer can purchase; whereas, capitalism controls what the business can market.
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Detailed explanation-1: -A Capitalist Economy is a system where private entities control the factors of production like labour, natural resources or capital goods. A Socialist Economy is an economic system where the factors of production like labour, natural resources or capital goods are under the control of the government.
Detailed explanation-2: -Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources. Left to themselves, economies tend to combine elements of both systems.
Detailed explanation-3: -Ownership. In capitalism, private businesses are own by private companies and individuals. In socialism, the state owns and controls the main means of production. Some models of socialism have worker cooperatives owning the main means of production, rather than the government.
Detailed explanation-4: -1. Capitalism believed in individual controlled property or private while as socialism believed in society or state controlled property. 2. Socialists believe private property is the source of evil and exploitation of weaker classes while as capitalists believe private property is the source of progress and freedom.