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There are two main economic systems that greatly influence our world today. They are capitalism and socialism. Both answer the three economic questions which are; what goods will be produced, how will the goods be produced, and for whom the goods will be produced. I will discuss the different points of view of the capitalist and the socialist and how they relate to these three questions. Capitalism is considered a social (political) system. It is geared more toward individual rights than with collective rights. As the internet sight stated “it is based on the fact that man can learn truth on his own, not with the help of a “ruler”’, (www.capitalism.com). In a capitalist economy one person can never have too much money, which causes the rich to get richer and the poor to get poorer.
Approximate Word count = 492
Approximate Pages = 2
(250 words per page double spaced)
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