1. how is socialism similar to capitalism?

Capitalism and socialism are similar in only one broad respect: the idea that every person is compensated according to his efforts. In both capitalism and socialism, the means of production and the products are owned by entities. In the case of capitalism, property and assets are privately owned. In socialism, private property can exist and people own their own businesses, but the government exerts more authority and creates social nets to help the poor, also preventing businesses from taking in too much profit.

Capitalism is more about competition, whereas socialism is about cooperation, with entities cooperating for the good of all. Communism, meanwhile, is an ideal of socialism in which there is no privately owned property, aside from the fruits of a person's labor. For example, someone could make a shirt but not own the factory used to make it.

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explanation:

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