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Assignment 2 Capitalism Vs. SocialismWorksheet

Capitalism is an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state whereas socialism is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

In this assignment, you will define the roles capitalism and socialism play along with the advantages and disadvantages of each.

In two to three (2-3) paragraphs:

Using your textbook, paraphrase the concepts of capitalism and socialism. Then list three pros and cons of each.

Define in your own words the definition of capitalism.

Pro #1

Pro #2

Pro #3

Con #1

Con #2

Con #3

Define in your own words the definition of socialism.

Pro #1

Pro #2

Pro #3

Con #1

Con #2

Con #3

Reference

*** Make sure to cite your textbook both in-text and in the references. Refer to SWS if you need help ***