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Similarities Between Communism And Communism

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The two economic systems of Capitalism and Communism differ a lot when trying to answer the 3 basic questions of economics. The questions are universally asked when talking about types of economies. The first question is what does the economy produce, such as goods and services. The second question is how will the said products being produced. This question pertains to what techniques will be used to produce the products. The third and last question is who is the product being produced for. In more general terms, who is the customer? These questions are answered differently by all economic system, that is especially the case for these two systems. In Capitalism the answer to the question of what goods and services will be produced is the consumer and the producer. This answer Is influenced by some government regulations. The Firms decided on what to produce based off how much of the product the consumer demands and how much they are willing to pay for the good. The second question of who decides the techniques of production is also answered by the producers of the goods and services. The government does hold regulations such child labor laws and minimum wage among other things. Capitalism is a user-choice system that empowers the people and businesses to choose what they get to buy. In the Communist system, the answers to these three basic questions are overtly different. In stark contrast to Capitalism, Communism’s system is not free, there is no choice within

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