What is a characteristic of capitalism? What is one way that capitalism differs from other economic systems such as socialism? (white in short 90 word paragraph)
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A characteristic of capitalism is the private ownership of resources and means of production. In capitalism, individuals and businesses work to accumulate wealth and make profit through market competition. One way that capitalism differs from socialism is in terms of resource allocation. In capitalism, resources are allocated based on market demand and supply, while in socialism, the state or a central authority decides how resources are distributed to meet the needs of society as a whole.
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