8. How do socialist and communist economic systems differ?
the amount of natural resources
the amount of government ownership
the amount of factories
the amount of government representatives
Socialist and communist economic systems differ in terms of the amount of government ownership and the amount of government representatives.
1) Government ownership: In a socialist economic system, there is typically a significant level of government ownership of resources, industries, and means of production. The government plays a large role in regulating and controlling the economy, but private ownership of certain enterprises may still exist. In a communist economic system, however, the government typically owns and controls all means of production, resources, and industries. Private ownership is usually non-existent or minimal.
2) Government representatives: In a socialist economic system, there is generally a representative government structure where citizens elect representatives who make decisions on their behalf. These representatives are responsible for formulating and implementing economic policies while ensuring public welfare. In a communist economic system, there is often a centralized governing party or authority that makes economic decisions and manages the overall economy. The decision-making power is usually concentrated in the hands of a limited number of individuals or a small group rather than being dispersed among elected representatives.
It is important to note that the differences between socialist and communist economic systems can vary in practice, as different countries and historical contexts have implemented these ideologies in different ways.