what is capitalist economy and socialist economy

1.	what is capitalist economy and socialist economy
Answer» Capitalist economy is also called market economy. The decision taken by the individual. They only want profit. Socialist economy is also called planned economy. The decision taken by the government. They don\'t want profit they want to help people.<br>Capitalist encourages innovation and individual goals while socialism promotes equality and fairness among society. In the socialist economy the resources are state owned but in the case of capitalist economy , the means of production are private owned .

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