ANSWERS: 1
  • Capitalism in its narrowest sense is simply private ownership of capital. Capitalism, the economic system, is the system in which the means of production are owned by private persons, and operated for profit[1] and where investments, distribution, income, production and pricing of goods and services are predominantly determined through the operation of a free market. Socialism refers to any of various economic and political concepts of state or collective (i.e. public) ownership and administration of the means of production and distribution of goods and services, some of which have been developed into more or less highly articulated theories and/or praxis. Communism is a socioeconomic structure that promotes the establishment of an egalitarian, classless, stateless society based on common ownership of the means of production and property in general.

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