Question

In terms of production, what best describes the difference between capitalism and socialism?

Answer 1

The correct answer is: Capitalism is a system in which goods are made by private businesses, but socialism stresses government control over production.

In the capitalist system, the means of production are used to generate profits for owners or shareholders. In addition, there is an emphasis on individual earnings and not on benefiting workers or society as a whole.

On the other hand, in the socialist system, the production is adjusted by the State to meet human needs as well as economic demands. It means that only what is useful and necessary will be produced.

Answer 2

The answer to this question is A.  Capitalism is a system in which goods are made by private businesses, but socialism stresses government control over production.