In terms of production, what best describes the difference between capitalism and socialism?

1. Capitalism is a system in which goods are made by private businesses, but socialism stresses government control over production.
2. Capitalism is a system in which the government controls production, but socialism stresses production by private businesses.
3. Capitalism is a system in which people pursue their own self-interests, but socialism stresses an equal distribution of wealth.
4. Capitalism is a system in which the government should "plan" the economy, but socialism stresses that the free market dictates production.

Question

In terms of production, what best describes the difference between capitalism and socialism?

1. Capitalism is a system in which goods are made by private businesses, but socialism stresses government control over production.
2. Capitalism is a system in which the government controls production, but socialism stresses production by private businesses.
3. Capitalism is a system in which people pursue their own self-interests, but socialism stresses an equal distribution of wealth.
4. Capitalism is a system in which the government should "plan" the economy, but socialism stresses that the free market dictates production.

millermoldwarp · Answer

The correct answer is: Capitalism is a system in which goods are made by private businesses, but socialism stresses government control over production. 
 In the capitalist system, the means of production are used to generate profits for owners or shareholders. In addition, there is an emphasis on individual earnings and not on benefiting workers or society as a whole. 
 On the other hand, in the socialist system, the production is adjusted by the State to meet human needs as well as economic demands. It means that only what is useful and necessary will be produced.

Beae · Answer

the answer to this question is A. Capitalism is a system in which goods are made by private businesses, but socialism stresses government control over production.

millermoldwarp · Answer

The correct answer is that capitalism is a system in which goods are made by private businesses, whereas socialism stresses government control over production. Capitalism focuses on individual profit, while socialism aims for equal access to resources. This fundamental difference shapes how economies function under each system. 
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