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what is capitalist economy and socialist economy

Posted by Ketan Baliyan 5 years, 4 months ago

CBSE > Class 11 > Economics

2 answers

Łegënď Gàmïñg 5 years, 3 months ago

Capitalist economy is also called market economy. The decision taken by the individual. They only want profit. Socialist economy is also called planned economy. The decision taken by the government. They don't want profit they want to help people.

Srajal Bajpai 5 years, 4 months ago

Capitalist encourages innovation and individual goals while socialism promotes equality and fairness among society. In the socialist economy the resources are state owned but in the case of capitalist economy , the means of production are private owned .

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