A comparison of economic elements of the mega-environment of firms, in a capitalist economy and in a socialist economy, would reveal major differences between the two systems. One major difference is:

Question

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In a capitalist economy, the means of production are primarily owned by private individuals or corporations, whereas in a socialist economy, the means of production are owned by the state or the public. This fundamental difference in ownership defines many other aspects of how these economies operate.

A Comparison of Economic Elements of the Mega-Environment of Firms