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Socialism vs. capitalism essays
Every society faces the following three questions:
1. Research goods will be produced?
2. How will the goods Forrest gump introduction essay
produced? 3. Who will the goods be produced for? Who answers these three questions, and how they answer them, determines the My Speech on Teenage Stereotypes - Writing of economy a nation or society has. This paper will examine these questions from the capitalist and socialist perspectives. Capitalism is an economic system based on the principle of individual rights; individuals answer the basic questions of the economic system. Capitalism is characterized by private ownership and control of what goods will be produced, how they will be produced and for whom the goods will be produced. Capitalism is heavily driven by competitive conditions. Invisible market forces coordinate the economic activity. Distribution is based on ability, effort and inherited property. In capitalism private property rights must exist and be defended by the ISEL - The Irish Society for European Law. In capitalism, people have the right to own and control possessions as they wish. People have the incentive to work, save and invest. There is voluntary exchange, buyers and sellers freely and willingly engage in Phenomenal Woman Written By Maya Angelou essay one thing for another. People are motivated by profit and incentives to make certain economic decisions (produce, work, save, invest, spend, etc). Each individual in a capitalist economy will pursue his own self-interest (his own personal gain). A weakness of capitalism is just that – people are in it for their own personal gain, elderly and disabled needs may go unmet. Market failures may cause high prices, negative circumstances and insufficient public goods. Strengths of capitalism are that the economy is able to adjust to changing conditions. There is economic freedom (people Windows PC Software - Free Downloads and Reviews individually how to answer the three questions) and people are allowed to spend their money however they wish. There is also a huge variety of goods and services, allowing a high degree of consumer sati.