What is the definition of capitalism and socialism????

Question

I need a defintion that is easy for a 7th grader to understand the quiz is tomorrow

Answer 1

Capitalism is an economic goverment type where people can own their own business and thye are motivated by profit.

Socialism is another economic goverment type where the distrobution of products and such are controlled by the people as a whole and operated for fairness and equalness.

Answer 2

Whether a small group of people with most of the money/wealth control the government, (capitalism), or a small group of people in the government control most of the money/wealth (socialism). The difference between the two, is capitalism doesn't lie about it, (that not everyone will have an equal share, reward is based on personal effort), socialism does, promises everyone an equal share, but somehow the rulers live in palaces and the people live in the dirt.

Answer 3

i got socialism is a political system where the government owns means for production
capitalism is where the government tries not to interfere to much into the economic system of it's country.....an example would be if 30 people wanted one wii system, the stores would increase the price of it. As so if no one wanted it they'd drop the price. As you can see the people curve the way the econmy goes....hope that helped you :)