Capitalism 1) Individuals and businesses own property and themeans of production.Socialism 1) The community or the state should own propertyand the means of production.Capitalism 2) Progress results when individuals follow their ownself-interest.Socialism 2) Progress results when a community of producers cooperate for the good of all.Capitalism 3) Businesses follow their own self-interest by competing for the consumer's money. Each business tries to produce goods or services that are better and less expensive than those of competitors.Socialism 3) Socialists believe that capitalist employers take advantage of workers. The community or state must act to protect workers.Capitalism 4) Consumers compete to buy the best goods at the lowest prices. This competition shapes the market by affecting what businesses are able to sell.Socialism 4) Capitalism creates unequal distribution of wealth and material goods. A better system is to distribute goods according to each person's need.Capitalism 5) Government should not interfere in the economybecause competition creates efficiency in business.Socialism 5) An unequal distribution of wealth and material goods is unfair. A better system is to distribute goods according to each person's need.

Then try StudyFetch, the AI-powered platform that can answer your questions and teach you more about it!