Economy refers to how to use their environment for people to meet the needs of their own materials. This is the economic system of the realization of other regions and countries. It services in the region include production, exchange, distribution, and consumption of the product. Economy that has been specified in the evolution of the final result of technology related processes, history, society, as well as organization, of other factors and ecological qualities geography, natural resources,. These elements, and can set parameters and functional status of the economy that provide content depending on the situation.
Capitalism: It is an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth.
Socialism: It is a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.
2. My opinion
Socialism
Capitalism
Before reading this chapter, I thought socialism is same as communism. But there was a big difference. For example, in socialism, government just controls foundations of production. On the other hand, government of communism controls not only foundations of production but also distribution.
Also, I got differences and basic concepts of socialism and capitalism through reading this wikibooks.
3. Questions
No questions yet.
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