Which of the following is the difference between a capitalist economy and a socialist economy?
a. A capitalist economy is characterized by production based on economic demand, whereas a socialist economy is characterized by production based on human demand.
b. A pure capitalist economy is very rare, whereas a pure socialist economy is followed in most of the countries today.
c. A capitalist economy is primarily motivated to achieve collective goals, whereas a socialist economy is motivated to make higher profits.
d. A capitalist economy allows greater government intervention in deciding on economic activities, whereas a socialist economy restricts government intervention in such activities.
Answer: a
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