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
Which body declared independence? A. The Second Continental Congress B. The United States Congress C. The Committee of Correspondence D. The House of Burgesses
Answers (1)
Why did the United States go to war against Britain instead of France?
Answers (2)
In italy, Mussolini formed the fascist party which encouraged
Answers (1)
What was the importance of the Roman victory at Zama?
Answers (1)
The large flat muscle that controls your breathing is called
Answers (2)
New Questions in History
The artist of the renaissance focused on
Answers (1)
A student writes a term paper about similarities and differences between Greek democracy during the classical era and U. S. democracy during the modern era. Her paper focuses on which major historical theme? A.
Answers (2)
How did the Renaissance and the Reformation influence democracy and the shaping of the modern world?
Answers (1)
What was the Commercial Revolution? a trade war between European countries following the colonization of the New World the decrease in global trade between Europe, the Americas, and Africa an enormous change in the rules of commerce due to the
Answers (1)
What southern city did the british take control of in 1778? a. charleston, sc b. richmond, va c. savannah, ga d. baltimore, ma?
Answers (1)
Home » History » Explain the meaning of "Socialism" AND "Capitalism"
Sign Up Forgot Password?