Question

Differences between communism and capitalism

Answer 1

Answer: Communism and capitalism are two economic ideologies in the world that concern the ownership of goods. Communism advocates community ownership of production whereas capitalism advocates private ownership of production. As a result, there are social divisions based on wealth in a capitalist community.

Explanation: Capitalism is an economic system in which the trade and industry of the economy is owned and controlled by private individuals, to make profit. Communism refers to social system in which country's trade and industry are controlled by the community and the share of each individual relies on his ability and needs.