Keyword Analysis & Research: socialist economy is also known as

Keyword Analysis

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Frequently Asked Questions

Why is socialism considered bad?

Socialism is bad because it is condescending. When people work and produce they have the means to buy what they wish—monetary payments for work are merely a means of exchange for people to trade goods and services. If you provide a good or service that few people value, you are paid less.

What is the difference between capitalism and socialism?

The main difference between capitalism and socialism is that in capitalism, means of production are owned by private entities whereas, in socialism, means of production are owned by the government or public. Capitalism and socialism are basically two opposing economic systems.

What are the advantages and disadvantages of socialism?

Advantages of Socialism. Equitable distribution of resources. Absence of exploitation. Jobs and employment for the citizens are more guaranteed and secured. Equitable distribution of income. Prevention of private monopoly. Disadvantages of Socialism. Absence of alternative choice.

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