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What are the three basic economic questions that all economies must answer Describe the differences in the way capitalism and socialism answer these questions?
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What are the three basic economies?
capitalism, socialism, and communism
How does socialism provide a compromise between capitalism and communism?
Socialism is not a compromise between capitalism and communism, it is a distinct economic system and mode of production. A "mixed economy" is often cited as being a compromise between socialism and capitalism, but in practice most mixed economies are interventionist capitalist economies.
Which economic system did socialism lead to?
Centrally-planned economies in the USSR and Eastern Bloc. Market socialism in Yugoslavia. State capitalism in modern day China and Vietnam.
Are capitalism and socialism opposites?
Typically they are considered to be opposites, even though there are many similarities. These are some common distinctions between the two: 1) Socialism is based on Social ownership of the means of production; Capitalism is based on Private ownership of the means of production. 2) Management in socialism is based on collective-decision making and self-management; Management in capitalist firms is based on hierarchical decision-making. 3) Socialism is based on "Production for use"; capitalism is based on "Production for profit". This means that the surplus product generated is used to benefit everyone in socialism, whereas in capitalism it becomes the profit for a few private owners. 4) Socialism is generally based on economic planning; while capitalism is based on a market economy. This is not always true; there are many forms of market socialism, and most of the existing capitalist economies are actually "mixed economies".
Is socialism working better than capitalism?
no, socialism isn't better than capitalism because capitalism has a free market and people get rich easily.
What countries have all communism capitalism and socialism?
Which countries that are under communism , socialism and capitalism
What types of economic systems exist throughout the world today?
capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy capitalism, communism, socialism, and market economy
What is a mixed economy based on?
A mixed economy is based on several different types of economies. For example the mixed American economy is a combination of socialism and capitalism.
What does Bosnia practice communism socialism or capitalism?
Capitalism
A political ideology of a gradual transition from capitalism to socialism?
What political ideology of a gradual transition from a capitalism to socialism
IN WHAT do capitalism and socialism differ?
Capitalism allows for more freedom for businesses than socialism does
What would be considered a compromise between capitalism and socialism?
There can be no such compromise, as Socialism and capitalism are completely distinct systems. Socialism means a classless stateless society based on production for use, while capitalism has a class division and production for profit.
