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.
The right answer for the question that is being asked and shown above is that: "Japan’s demands for reparations from the Allies who used the atomic bombs." the action signaled the beginning of the Cold War is that Japan’s demands for reparations from the Allies who used the atomic bombs
The Enlightenment ideas were the main influences for American Colonies to become their own nation. Some of the leaders of the American Revolution were influenced by Enlightenment ideas which are, freedom of speech, equality, freedom of press, and religious tolerance.
The law of supply states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied. Supply curves and supply schedules are tools used to summarize the relationship between supply and price.
