WSTA03H3 Study Guide - Marxist Feminism, Industrial Revolution, Proletariat

In terms of production, what best describes the difference between capitalism and socialism?

1 Capitalism is a system in which goods are made by private businesses, but socialism stresses government control on production.
2 Capitalism is a system in which the government controls production, but socialism stresses production by private businesses.
3 Capitalism is a system in which people pursue their own self-interests, but socialism stresses an equal distribution of wealth.
4 Capitalism is a system in which government should “plan” the economy, but socialism stresses that the free-market dictates production.

Since the industrial revolution, is the nature of capitalism to consolidate and concentrate wealth, or does consolidation happen regardless of the political and economic structure in place?

Which statement best describes capitalism?

a. capitalism is an economic system in which the means of production and distribution are in state hands.
b. capitalism is an economic system that operates under the profit motive.
c. capitalism is an economic system that dispenses with the competition.
d. capitalism is an economic system where the profits generated belong to the state as a whole.