Yes, everyone lost their money when the stock market crashed.
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Communism/Socialism:
Advantage
- There are no social classes- This means that there are no poor individuals within a society. There is no upper, lower, or middle class. Everyone has about the same amount of income/resources.
Disadvantage:
- Little economic freedom- The government plans the economy. This means they control how many products a business makes and how many goods/resources each family has.
Capitalism
Advantage:
- Individual freedom- In a capitalist society, citizens can buy whatever they want as long as they have the money. This allows citizens to do what they want, when they want, without having the government telling them what to do.
Disadvantage:
- Poverty/Homelessness- This system involves very little government interference with the economy. This means there will be social classes. Ultimately, some individuals will end up poor or homeless for any number of reasons.
