Overview
Capitalism and socialism are two distinct economic systems that shape how societies function. Capitalism promotes private ownership and market competition, leading to innovation and economic growth. However, it can also result in significant income inequality and limited access to essential services...
Key Terms
Example: In capitalism, companies like Apple and Google are privately owned.
Example: In socialism, healthcare may be provided by the government.
Example: In a market economy, prices of goods fluctuate based on consumer demand.
Example: Countries like Sweden have mixed economies with both private and public sectors.
Example: A family-owned restaurant is an example of private ownership.
Example: Public transportation systems are often government-controlled.