Question

1. define socialism, communism, capitalism

Explanation:

• Socialism: An economic and political system where key means of production, distribution, and exchange are owned or regulated by the community as a whole (often through the state or collective bodies), with the goal of reducing inequality and prioritizing collective welfare over private profit.
• Communism: A political, economic, and social ideology advocating for a classless, stateless society where all property and resources are commonly owned, and goods are distributed based on the principle "from each according to their ability, to each according to their needs." It is often viewed as a final stage of socialist development in Marxist theory.
• Capitalism: An economic system based on private ownership of the means of production, where goods and services are produced for profit in competitive markets, with prices and distribution primarily determined by supply and demand.

Answer:

• Socialism: An economic/political system focused on collective ownership of key production assets, prioritizing shared welfare over private profit to reduce inequality.
• Communism: An ideology aiming for a classless, stateless society with full common ownership of resources, distributing goods based on need (a theoretical final stage of socialist development in Marxist thought).
• Capitalism: An economic system built on private ownership of production, profit-driven competition, and market-determined pricing and resource distribution.