With the help of your textbook and Ch 23, please explain the differences among capitalism, socialism and communism. Then explain the pros and cons that each hold. Due Friday April 1st.
Capitalism allows people to own and operate their own businesses. It is really the person's choice. One pro of this is that government is involved very limitedly and people can do what they want to do. One con is that there really is no line about what you can and cannot do.
Socialism is where there is group ownership in a business. One pro is that multiple people benifit and the government has a little more control. One con is that there isn't as much competition.
Communism is when the government is in complete control. This can be good in that everything should be fair. It can also be bad because people don't really get to choose what they want to do and how they do it.
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