Question

Drag each tile to the correct box. Tiles capitalism communism mixed economy socialism welfare capitalism Pairs a social and economic system that is classless and distributes resources according to a person’s needs arrowBoth a capitalistic economic system in which the government promotes an equitable distribution of wealth arrowBoth an economic system based on the pursuit of profit and private ownership with little or no government regulation arrowBoth an economic system in which both private and public ownership exist, and the government regulates the private sector arrowBoth an economic system based on collective ownership of resources, property, and the means of producing goods and services

Answer 1

Capitalism is an economic system based on profit and private ownership, communism is a classless system that distributes resources based on needs, and socialism is an economic system where resources are owned by the public and allocated based on community needs.

Step-by-step explanation:

Capitalism is an economic system based on the pursuit of profit and private ownership with little or no government regulation. It allows for individuals and firms to own resources and make decisions about what to produce through markets. Examples of capitalist countries include the United States and most Western democracies.

Communism, on the other hand, is a social and economic system that is classless and distributes resources according to a person's needs. In a communist system, resources and means of production are collectively owned and decisions about what to produce are made by the central government. An example of a communist country is North Korea.

Socialism is an economic system in which goods and resources are owned and managed by the public, and allocation is based on the needs of the community. It allows for the ownership of private property, but basic resources are regulated by the government. Some examples of socialist countries are Sweden and Norway.