Difference Between Socialism And Mixed Economy

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Comparison Between Capitalism, Socialism and Mixed Economy First of all, we have to begin explaining some economics terminology: An economic system is a mechanism (also defined such as a system or social institution) which deals with the production, distribution and consumption of good and services in a particular society. The economic system is composed of people, institution and their relatinships. It has to solved the daily problems of the people and their demands in food, health, living, education, etc. Capitalism is an economic system in which the means of producing and distribution goods (land, factories, technology, transports systems, etc.) are owned by a small minority of people, as private individuals
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