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Social Studies
Amy Wilson
23 May, 09:46
Who owns Communism, Socialism and Capitalism?
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Kadyn Holmes
23 May, 10:09
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Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided. Under capitalism, each individual or business works in its own interest and maximizes its own profit based on its decisions. A market economy is one where the allocation of resources and the trading of goods and services are through the decentralized decisions of many firms and households. Prices and the willingness of the market to pay those prices determines economic output, which, in turn, determines the allocation of resources.
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