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Fun Video: Capitalism and Socialism Video Lecture | Sociology Class 12 - Humanities/Arts

62 videos|137 docs|25 tests

FAQs on Fun Video: Capitalism and Socialism Video Lecture - Sociology Class 12 - Humanities/Arts

1. What is capitalism?
Ans. Capitalism is an economic system characterized by private ownership of businesses and industries, where the means of production and distribution are primarily controlled by individuals or corporations. In this system, the production and distribution of goods and services are driven by profit motives and market competition.
2. What is socialism?
Ans. Socialism is an economic and political system that advocates for the collective ownership and control of the means of production and distribution. It aims to reduce or eliminate economic inequalities by ensuring that resources and wealth are distributed more equitably among the members of society.
3. How do capitalism and socialism differ in terms of wealth distribution?
Ans. In capitalism, wealth distribution is largely determined by market forces and individual actions. It often leads to a significant wealth gap, where a few individuals accumulate substantial wealth while others might struggle to meet their basic needs. On the other hand, socialism aims to reduce wealth inequalities by redistributing resources and ensuring that everyone has access to essential goods and services.
4. What are the advantages of capitalism?
Ans. Capitalism promotes economic growth and innovation, as it provides individuals and businesses with incentives to strive for profit. It allows for market competition, which can lead to improved products and services. Additionally, capitalism generally allows for greater individual freedom and choice in economic matters.
5. What are the advantages of socialism?
Ans. Socialism aims to prioritize social welfare and reduce economic inequalities. It can provide access to essential services, such as healthcare and education, for all members of society. Additionally, socialism can promote a sense of community and cooperation, as resources and wealth are shared collectively.
62 videos|137 docs|25 tests

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