Comparing economic systems?

can you answer the following questions about Market Capitalism, Socialism, and Communism?

1. Who / what owns or controls the means of production?

2. What or who determines the price of products

3. What type of government is this economic theory supposed to have?

4. When was this theory developed.?

5 Famous promoters.

6Why did it develope?

3 Answers

  • Anonymous
    8 years ago
    Favorite Answer

    Shouldn't this be in the "do my homework" section of yahoo answers?

  • Arnie
    Lv 7
    8 years ago

    In a way, communism is an extreme form of socialism.

    The Socialist ideology is a road to failure! Under socialism, incentives either play a minimal role or are ignored totally. A centrally planned economy without market prices or profits, where property is owned by the state, is a system without an effective incentive mechanism to direct economic activity. By failing to emphasize incentives, socialism is a theory inconsistent with human nature and is therefore doomed to fail. Socialism is based on the theory that incentives don't matter!

  • 8 years ago

    These questions are fairly simple to answer. You telling me you don't know the answers, tell me that you have failed to use your perfectly usable mind to learn and comprehend these economic systems. Why should you be given a value determination, for work you haven't done yourself?

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