Answer: Let's start with a definitive description of each.
Capitalism: is a free market economy, where goods and services are produced by private firms. The goods produced are determined by market forces of Demand and Supply.
Socialism: is an economy where each member of the public owns an equal fraction of the means by which goods and services are produced. The goods produced here are determined by the government.
Explanation: I am going to list some of the Advantages and Disadvantages of each so that you can pick the advantages of the system you are supporting and the disadvantages of the other system in your essay.
Capitalism
Advantages:
- It ensures that only the goods needed are produced as the market is controlled by demand and supply.
- It encourages innovation and personal development as better skills and products lead to higher income.
Disadvantages
- It can neglect to produce necessary goods in the economy when focus is only on goods that give the highest return.
- It leads to inequality between the people in an economy.
Socialism
Advantages:
- It leads to equality, people enjoy equal standards of living
- It corrects market problems such as monopolies, price fixing and cartels.
Disadvantages:
- There is an absence of innovation due to lack of competition, so there is no drive to improve on the current goods, services or methods of production.
- It leads to bureaucratic bottleneck as decisions usually have to be taken by several government officials in a bid to ensure that rules are followed.
It split Nebraska into 2 Distinct territories: Nebraska and Kansas
Answer:
After the death of Kublai Khan the Mongol empire stopped expanding and began its decline. The Yuan dynasty became weaker and the Mongols began losing control over khanates in Russia, Central Asia and the Middle East. After Kublai Khan died in 1294, the empire became corrupted.
Explanation:
The Mongols o ercame the crises by conquering the empire of China and not letting the Chinese people get too powerful. ... Kublai Khan did not want for the Chinese people to gain too much power for them to over throw the Mongol people.
The scientific method, graphs, and economic models
They got their names after the ancient Greek gods and goddesses.
