Explain one difference between socialism and capitalism. (1 point)

Question

Socialism focuses on private ownership of the inputs used in the production of goods or services, whereas capitalism focuses on public ownership of these inputs.
Socialism focuses on the greater good of the community as a whole, whereas capitalism relies on the idea of self-interest to drive the economy.
Socialism allocates most of the wealth to the ruling class, whereas capitalism leads to an even distribution of income.
Socialism refers to the way in which the government operates, whereas capitalism refers to the way in which the economy operates.

Answer 1

The correct answer is: Socialism focuses on the greater good of the community as a whole, whereas capitalism relies on the idea of self-interest to drive the economy.