I don't like to just give people the answer...so I'll explain what they are as well as differences and you should be able to deduce how they are similar.
Compounds are basically a mix of atoms from different elements.
An Element is a pure substance made up of one type of atom (you find them on the periodic table).
Compounds can be broken down into similar forms...elements cannot.
Compounds list is basically endless...so far there are only about 117 known elements.
Compounds are expressed as a formula...Elements are expressed using symbols.
Hope this helps get you on the right track!
Elements and compounds are pure chemical substances found in nature. The difference between an element and a compound is that an element is a substance made of same type of atoms, whereas a compound is made of different elements in definite proportions. Examples of elements include iron, copper, hydrogen and oxygen. Examples of compounds include water (H2O) and salt (Sodium Chloride - NaCl)
So on dissolution, it will produce magnesium hydroxide which is a base and the solution will be basic in nature. So it will change the color of red litmus paper to blue, and blue will remain the same.
For a neutralisation reaction... Acid + base 》 salt + water.... The above reaction looks much alike so is a neutralisation... It is certainly not compustion as no oxygen to react and CO2 produced