If someone asked you to explain the differences between capitalism and socialism, how would you answer him/her?

Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources.

The terms capitalism and socialism are both used to describe economic and political systems. On a theoretical level, both of these terms also describe specific schools of economic thought. One of the most fundamental differences between the systems of capitalism and socialism lies in the scope of government intervention within an economy.
The capitalist economic model relies on free market conditions for the creation of wealth. The production of goods and services is based on supply and demand in the general market. This economic structure is referred to as a market economy.
In a socialist economic model, the production of goods and services is either partially or fully regulated by the government. This is referred to as central planning, and the economic structure that is created is known as a planned economy or a command economy.
The capitalist economic model relies on free market conditions for the creation of wealth; the production of goods and services is based on supply and demand in the general market.
In a socialist economic model, the production of goods and services is either partially or fully regulated by the government; this is referred to as central planning, and the economic structure that is created is known as a planned economy or a command economy.
Most countries are mixed economies, falling somewhere on the spectrum between pure capitalism and pure socialism.
In a capitalist economy, property and businesses are owned and controlled by individuals. The production and prices of goods and services are determined by how much demand they generate and how difficult they are to produce.
In a capitalist economy, property and businesses are owned and controlled by individuals. The production and prices of goods and services are determined by how much demand they generate and how difficult they are to produce.
This emphasis on efficiency takes priority over equality. An equal distribution of goods and services among all members of a society is of little concern within a capitalist system. According to the economic theories that underpin capitalism, inequality is the driving force that encourages innovation, which results in economic development.
In a capitalist economy, the state does not directly employ the workforce. This leads to high levels of unemployment during times of economic recession. In a socialist economy, the state owns and controls the major means of production. In some socialist economic models, worker cooperatives own and operate the primary means of production. A worker cooperative is a firm that is owned and self-managed by its workers. Other socialist economic models allow individual ownership of enterprise and property, albeit with higher taxes and a higher degree of government controls.
The primary concern of the socialist model of economics is an equitable distribution of wealth An equitable distribution of wealth is meant to ensure that all members of a society have an equal opportunity to attain certain economic outcomes. To achieve this, the state intervenes in the labor market.
In a socialist economy, the state is one of the primary employers. During times of economic hardship, the socialist state can order hiring, so there is close to full employment even if workers are not performing tasks that are particularly in demand from the market.
In addition to capitalism and socialism, the other major school of economic thought is communism. Many tenets of communism and socialism stand in opposition to capitalism, but there are important distinctions between socialism and communism.
Most modern economies are mixed economies. This means they exist somewhere on a continuum between pure capitalism and pure socialism, with the majority of countries practicing a mixed system of capitalism wherein the government regulates and owns some businesses and industries.
In the purest form of a capitalistic system (sometimes referred to as laissez-faire capitalism), private individuals are unrestrained, and the economy operates without any government checks or controls. Private individuals and businesses may determine where to invest, what to manufacture and sell, and the prices of goods and services.
In a purely socialist system, all means of production are collective or state-owned.
Some countries incorporate both the private sector system of capitalism and the public sector enterprise of socialism to overcome the disadvantages of both systems. In these economies, the government intervenes to prevent any individual or company from having a monopolistic stance and undue concentration of economic power. Resources in these systems may be owned by both the state and by individuals.

Select all options that apply.

What serious problems did Richard Nixon face during his term of office?

Camp David Accords
Iran Hostage Crisis
Cuban Missile Crisis
Vietnam War
inflation
Watergate

Why did President Harry S. Truman ask Congress for funds for Greece and Turkey?

How can the White Rose incident serve as a critique of those who stood by the side?

How does the court of appeals reach its decisions? cases are decided by a panel of three judges cases are decided by a panel of 15 judges cases are decided by a single judge who is elected cases are decided by a single judge who is appointed

What is a foreign body?
Plzz help in this question.​

Mirabeau Lamar is remembered for all of the following EXCEPT...
Your answer:
O relocating the capital of the Republic of Texas to Houston
o favoring westward expansion
O developing the educational system
Clear answer

What two events occurred causing Georgia and the rest of the South’s economies to be
weakened before the beginning of the Great Depression?
a. Prohibition and disenfranchisement
b. Adoption of child labor laws and the county unit system
c. The boll weevil and the drop in cotton prices
d. Election of Woodrow Wilson and the beginning of World War I

what are things Maya, Aztec and Inca NOT have in common?

What was the true about African Americans in the military

?
Match the names with the events. Drag the items on the left to the correct location on the right.
Clarence Darrow
received a harsh court verdict because of anti-
immigration sentiments
revealed corruption in the KKK
William Jennings Bryan
David Stephenson
supported the anti-immigration movement
D. W. Griffith
was the defendant's lawyer in the Scopes trial
made a movie that depicted the KKK as heroes
Nicola Sacco
led the prosecution in the Scopes trial
Calvin Coolidge
Done
Try Again

If a new Constitution were to be written today, what reasons, other than those cited in the Preamble, would you list as reasons for writing a Constitution?

Following world war ll the united Nations was empowered to Cary out which task?

What did Greece do to protect themselves after the wars were over?

Prior to becoming President John F. Kennedy was known as all of these
except

Question: why and how photoshop create fake news?

Question 7 of 20
How did advances in military technology after the Industrial Revolution affect
European empires?
• A. They helped conquered peoples discourage too many colonists
from settling in Africa and Asia.
• B. They allowed small European armies to defeat larger African and
Asian forces when invading territory.
• C. They encouraged Europeans to form spheres of influence in Asian
and Africa instead of creating colonies.
• D. They led Europeans to commit atrocities that convinced people
around the world to oppose colonialism.

Check ALL that contributed to the chaos in the South following the Civil War

Question 4 options:

no courts, postal service or law enforcement


lost generation of white Southern men who had died or were severely injured


millions of freed black Southerners


desire to forgive and forget those who had not supported slavery​

Select the correct answer.
How did Theseus manage to get out of the maze after killing the monster Minotaur?
A.
by using the sword of the king
B.
by using a ball of string
C.
by using the shield from Athens
D.
by using a magic wand

Imagine that you have been asked to tackle a current national or global issue. What would that issue be?

(Imperialism)

In 25 words or less tell me everything I need to know about Socrates

Why is the right to a "speedy" trial important?

What is the role of the Supreme court in the US government?

Native Americans were a very important part of the War of 1812, and the tribes were very active participants in the conflict in both the Northern and Southern parts of the war. Use the resources below to complete one of the two assignments listed Answering the following question- in what ways did Native Americans contribute to the War of 1812? Describe important battles and important leaders on both sides of the conflict.

Write 2-3 paragraphs answering the question above effectively with proper spelling, punctuation, paragraph and sentence structure.

please help fast ill give brainlest to the best answer and 50 pionts

Pro north provisions: California admitted to the union as a free state, slave trade prohibited in Washington D.C.
Pro south provisions: Slaveholding still permitted in Washington D.C. , Fugitive slave law passed

This table describes selected provisions of the-
A-Missouri Compromise
B-Compromise of 1850
C-Kansas-Nebraska act
D-Northwest Ordinance

Which statement would most likely have been supported by Marcus Garvey
but opposed by Booker T. Washington?
O A. The best way for African Americans to win equal rights is to
participate in labor organizations.
B. If African Americans work hard and earn money, they will have no
need to protest for equal rights.
O C. African Americans should demand equal rights so they can live
peacefully in the United States.
D. African Americans should focus on building and maintaining an
identity as a distinct group.

Did the population of Kansas decrease in the 1800's

President Obama feels strongly about the potential of ordinary people to create change in our system of democracy.
True or False

I strongly disagree that America should get involved in World War II because...​

Legal precedence refers to
innovations in the legal system.
court proceedings being open to the public.
court decisions used as examples to resolve similar situations.
a court case taken on by the U.S. Supreme Court.

It is actually all of the answers displayed