Capitalism vs. Socialism....see next page for Final Test topics

¢Define Capitalism:  a free market (no government control) determines winners and losers,  property is private, an individual (not the government)  is responsible for improving his status through his own hard work, private individuals own companies for profit, 

 

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¢Socialism: inequality is bad for society and the government should create programs that benefit the poor (schools, healthcare, social security, tax the rich);