How do socialist and communist economic systems differ? (1 point) Responses the amount of natural resources the amount of natural resources the amount of government ownership the amount of government ownership the amount of factories the amount of factories the amount of government representatives the amount of government representatives
The main difference between socialist and communist economic systems lies in the degree of government ownership and control over the means of production and distribution.
In a socialist system, the government may have a significant degree of ownership and control over key industries and resources, but there is also space for private ownership and market competition. Socialist economies aim to achieve a balance between state intervention and individual economic freedom, with the government playing a role in providing social welfare and reducing income inequality.
In contrast, a communist system advocates for the abolition of private ownership and the establishment of a classless society. All means of production and resources are owned and controlled by the state or the community as a whole, with no room for private ownership or market mechanisms. The goal of communism is to bring about an egalitarian society, where wealth is distributed equally among all members.
It is important to note that these are idealized definitions, and in reality, there can be various degrees of mixed economies that incorporate elements from both socialist and communist principles.