What is the difference between a socialist economy and a capitalist economy?
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In a capitalist economy, businesses and industries are mostly privately owned, and the market determines prices and production. It's like a competitive marketplace where companies aim to make profits. On the other hand, in a socialist economy, the government plays a more active role. It owns or contRead more
In a capitalist economy, businesses and industries are mostly privately owned, and the market determines prices and production. It’s like a competitive marketplace where companies aim to make profits.
On the other hand, in a socialist economy, the government plays a more active role. It owns or controls key industries and aims to distribute resources more equally among the population.
In simple terms, capitalism leans towards private ownership and competition, while socialism involves more government control for fair resource distribution.
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