Compare and contrast the economic models of capitalism and socialism.

Capitalism- natural resources and means of producing goods are privately owned ex: America is capitalist but not all the way because the government plays a large role in the economy
Socialism- natural resources and the means of producing goods are collectively owned ex: Peoples Republic of China, North Korea, place wealth generating property under gov. control

Capitalism : Private ownership property, Pursuit of Personal Property, Competition and Consumer Choice

Socialism : Collective ownership of Property, Pursuit of Collective Goals, Government Control of the Economy