Question

What is the difference between communism and socialism? Simplest form. What is capitalism

Answer 1

Under Communism there is no privately owned businesses or property everyone receives the same portion based on what they need, an example of a communist country is China. Under Socialism you can have private property but everything is priced by the government so there is no competition an example would be you buy a pair of shoes for $20 they would be the exact same price at other shoe stores making it harder to make money. In Capitalism anyone can have their own private business and property there is competition and is easier for you to make money because you can market based on your own judgment.