3. SOCIALISM & CAPITALISM
Agenda
Socialism
Advantage and
Disadvantage of
Socialism
Capitalism
Advantage and
Disadvantage of
Capitalism
Difference
between Socialism
& Capitalism
4. SOCIALISM
Features:
Government
means of
production
distribution of
goods
Equal distribution of
wealth
No socioeconomic
classes
Equality
Perfect competition
Prices and quantity
determined by
Govt
5. SOCIALISM
Advantages
Greater
efficiency
Greater welfare
Absences of
monopolistic
approach
Absences of
business
fluctuation
Economics
Growth
Disadvantages
Elimination of
individualism
red Taoism and
ineffiency
An artificial system
Consumer suffer
Non existence of
economic and
political freedom
Non existence of
competition
6. CAPITALISM
Features
Private ownership
Government
interferences
Prices monitor by
private owners
Primary objectives
Strong competition
Reward strong
Skills priority
7. CAPITALISM
Advantages
Competition to
provide goods and
services
keeps prices low
Rewards hard work
Provides choice
Consumers regulate
the market
Improve Quality of
Goods
Efficient Control Of
Production Process
Disadvantages
Monopoly Behavior
Waste Of talent
Class Conflict
Exploits people who
cannot compete
Uneven distribution
of wealth
Creates a money-
oriented society
Inequality
Fluctuation In The
Level Of Employment
13. CAPITALISM VS SOCIALISM
Capitalist countries:
America
Canada
Brazil
Japan
Mexico
Socialist countries:
Cuba
Saudia Arabia
Iran
North Korea
Burma