Capitalism and socialism
Storyboard Text
- Hey there, let me tell you about capitalism, its an economic and political system where trade and industry are controlled by private owners for profit.
- Huh i never knew that, tell me more
- Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterized by social ownership by the means of production.
- what are some examples of the big difference.
- in a socialist economic system the production of goods and services are in the hands of the government, this is a government owned facility ran by government workers producing goods and services.
- what about capitalism?
- in a capitalist economic system the production of goods and services are in the hands of individuals, someone owns this cafe and has full say over what can be done with it.
- what about whether people are able to meet their needs?
- in a capitalist economic system whether you are able to meet your needs depends on how wealthy you are, if this man is able to have a job and be physically healthy and mentally to work and earn currency he will be able to meet his needs
- what is the difference in a socialist economic system?
- in a socialist economic system every person should recieve enough to meet his or her needs, so if you don't have enough money to meet the standard of living then the government will give you money.
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