beneifts and problems of capitalism and socialism, and evaluate which system provides the greater overall benefit to society

Capitalism is that form of economy where the resources for the production are owned privately. But in the socialism, the resources are owned by the government.

Explanation:

The capitalism is that form of economy where the resources are owned by the private people and there is very little interference in the working of the government. It mostly is related to maintaining peace and order in the country. The main motive of this form of economy is to earn profits. On the other hand, in socialism, the resources are owned by the government. The main motive is to increase the welfare of the people by removing problems like poverty, unemployment and so on. If the country has more poor people than the rich, then it should of socialism as the form of economy which would work for the betterment of the people.