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Explain the concepts of capitalism and socialism

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Reference no: EM133141306

Overview

Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. Socialism is a political and economic theory of social organization that advocates for the means of production, distribution, and exchange being owned or regulated by the community as a whole.

Explain the concepts of capitalism and socialism.

Compare and contrast capitalism and socialism with supporting definitions, explanations, and examples.

Identify three pros and three cons for both capitalism and socialism.

Examine the role capitalism plays in corporate decision making.

 

Reference no: EM133141306

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