ICSE Class 9 History & Civics
Question 5 of 10
The Modern Age in Europe — (C) Industrial Revolution — Question 10
Back to all questions| Sl. No. | Capitalism | Socialism |
|---|---|---|
| 1 | Capitalism refers to the economic system in which the means of production like labour, raw material, tools and machines are owned by private individuals or groups of them for profit. | Socialism refers to the economic system in which the government owns and controls the means of production (as factories) and distribution of goods. |
| 2 | In Capitalism production is for profit; useful goods and services are a by-product of pursuing profit. | In Socialism production is for use; useful goods and services are produced specifically for their usefulness. |