Identify capitalism and socialism

Reference no: EM133165775

Assignment - The Role of Capitalism

Learning outcome 1: Examine the role capitalism plays in corporate decision making.

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 (1). In this assignment, you will write an essay comparing capitalism and socialism.

Preparation
Note: You must watch this video on capitalism and socialism before you begin this assignment.

Instructions
Write a 2-3 paragraph essay in which you do the following:

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.

Reference no: EM133165775

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