Question

SUMMARIZE the main characteristics of each economic system: a. capitalism; b. socialism; c. communism *

Answer 1

Answer:

Capitalism: an economic system based on the private ownership of the means of production and their operation for profit. private property, wage labor, a price system and competitive markets.

Explanation:

Socialism : populist economic and political system based on public ownership of the means of production. all legal production and distribution decisions are made by the government, and individuals rely on the state for everything from food to healthcare.shared ownership of resources and central planning provide a more equal distribution of goods and services and a more equitable society.

Communism: an economic system where the group owns the factors of production. advocating for a classless system in which the means of production are owned communally and private property is nonexistent or severely curtailed.