Discuss any two differences each between capitalism and socialism as economic systems

Question

Question

Answer 1

Answer #1

Answer : Difference between capitalism and socialism are :

Capitalism means that private individual and owners are right to control and factor of production where as socialism means that all legal production and distribution deals with the government and related to that factor of production.
Capitalism means companies live by profit motive .They exist to make money .All companies have owners and managers where as socialism means everyone turns to work and wealth that is properly distributed.

Answer 2

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