JAMB - Economics (1997 - No. 4)
One of the fundamental differences between a capitalist and a socialist economy is that while?
the former is characterized by complete government ownership of resources, the latter characterized by complete private ownership
in the former, prices act as signals in the allocation of resources, it is central authority that performs this function in the letter
taxes are levied in a capitalist economy, there is no taxation in a capitalist economy
income and wealth are equally distributed in the socialist economy, this is not so in a capitalist economy