Ask Question
HistoryHistory
7 January, 19:46

Explain the meaning of "Socialism" AND "Capitalism"

+1
Answers (1)
  1. 7 January, 20:02
    0
    Socialism is an economic and political system under which the means of production are publicly owned. Production and consumer prices are controlled by the government to best meet the needs of the people.

    Capitalism is an economic system under which the means of production are privately owned. Production and consumer prices are based on a free-market system of "supply and demand."
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Explain the meaning of "Socialism" AND "Capitalism" ...” in 📗 History if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
How are the brands and labels placed on meat and dairy products in the supermarket misleading?
Answers (1)
What was the stated purpose of the U. S. policy of containment?
Answers (1)
What is the term for the process through which one culture adopts the traits of another culture? A. assimilation B. assumption C. affiliation D. absorption
Answers (2)
whit whom did the Greek trade in Africa a (mountain cites b (highlands c (savanna cites d (coastal cites
Answers (1)
What's the location of the eastern peoples
Answers (1)
New Questions in History
The is senate to ratify the treaty primarily because of?
Answers (1)
Is nra an example of pluralist democracy?
Answers (1)
How did the Korean War begin?
Answers (2)
Do you think there are differences between humans depending on the color of their skins?
Answers (2)
why was it hard for farmers to agree on how many repersentives a state should be able to send to congress
Answers (1)
Home » History » Explain the meaning of "Socialism" AND "Capitalism"
Sign Up Forgot Password?