Question: Which one is the correct difference between capitalism and socialism? 1. In socialism, the economy is not privately owned and controlled, instead it is owned

Which one is the correct difference between capitalism and socialism?

1. In socialism, the economy is not privately owned and controlled, instead it is owned collectively.

2. Socialism centralizes planning among the owners of each business.

3. Socialism bans all markets for commodities, including labor.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

I have asked three questions with my textbook chapter in which they come from. it would be greatly appreciated if you could help me answer these three questions. Thanks so much. :) 1. What is the...

Q:

"Capitalism has triumphed." That was the pat _ The belief that capitalism has triumphed is now conclusion reached in the West as, one by one, the throwing the societies of the West out of balance,...

Q:

Read pages attached. Only answer questions... 1-3 on page 107 1-7 on page 113 founded in 1921 in Guelph, Ontario. Members The new leader of the Soviet Union, Joseph Stalin, tried to keep their...

Q:

"Capitalism has triumphed." That was the pat _ The belief that capitalism has triumphed is now conclusion reached in the West as, one by one, the throwing the societies of the West out of balance,...

Q:

a.STATE YOUR LEVEL OF AGREEMENT. Capitalism is the best economic system * Strongly Agree 1 2 3 4 5 Strongly DISAGREE b. EXPLAIN YOUR ANSWER IN Qa (Min 50 words) c.Which ethical principles support...

Q:

18. The difference between the value of labor and the wage paid for it is called: A. Alienation B. Surplus value C. Proletariat D. Means of production E. Bourgeoisie 19. Marx predicts that a...

Q:

hello help me with this pleaseeee *Activity Title: Weighing the Market International Financial Institutions Introduction The social institution that has one of the biggest impacts on society is the...

Q:

lecture: domestic and economic policy. In this lecture we're going to cover domestic and economic policy. So if we think about the need demand response model, this is the response that governments...

Q:

Accounting Theory The questions/requirements to answer for each paper are: 1. What is the research question of the article? 2. Explain the main arguments and conclusion of the article. 3. Give 1...

Q:

Accounting Theory The questions/requirements to answer for each paper are: 1. What is the research question of the article? 2. Explain the main arguments and conclusion of the article. 3. Give 1...

Q:

Discuss what is involved in principled negotiation. How does it differ from hard or soft negotiation?

Q:

A set U of n clients/servers is labeled 1, 2,...,n. A quorum Q is defined as a nonempty subset of the set {1, 2,...,n}. A coterie C is defined as a set of quorums that satisfies the following two...

Q:

Which one of the following statements best describes personal financial planning? Question 5 options: It is the process for selecting insurance agents to make recommendations for the selection of...

Q:

Ford Torso is launching Yugo electric cars. They do not require gas or oil and they entirely run on electricity. The company is constantly monitoring the market conditions to find opportunities to...

Q:

1.2 Describe the value of HR expertise to non-HR managers and entrepreneurs.

Q:

1.5 Describe the core HR competencies and professionalism of the HRM function.

Q:

1.6 Discuss the internal and external environmental factors affecting human resources management policies and practices, and explain their impact.