Asked by Fred :))) ya

What is a characteristic of capitalism? What is one way that capitalism differs from other economic systems such as socialism? (white in short 50 word paragraph)



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Answered by GPT 3.5
A characteristic of capitalism is private ownership of property and resources, where individuals and businesses are allowed to accumulate wealth. One way that capitalism differs from other economic systems, such as socialism, is that under capitalism, economic decisions are primarily determined by the forces of supply and demand, driven by market competition, whereas socialism emphasizes collective ownership and central planning.