Question

Prompt

Answer 1

Answer:

Both the economies are essential. However monetarily, capitalism provides greater benefits

Explanation:

Capitalism and socialism are forms of formal economies which operate under certain policies and regulations.  

While Capitalism issues economic freedom & growth and consumer choices socialism talks about social welfare and reduces business fluctuation. Socialism is governed by the government bodies.  

Capitalism is market based and the major intention is to earn profit out of all goods and services produced. In this economy, government has no major role except in devising policies  

Socialism talks about production by public enterprises and selling the goods and services at compensated rates to benefit individuals