Socialism

 It is an economic and political system

 It states that the means of making, moving,
and trading wealth should be owned or
controlled by the workers.
 Socialist

 person who advocates or practices socialism

 Disadvantage of Socialism

 Slow economic growth

 Less entrepreneurial opportunity and
competition.
 Potential lack of motivation by individual due
to lesser reward.
 Advantage of socialism

 Better use of resources, labor and lands

 Reduces disparity in wealth.
 Capitalist
• It is a wealthy person who uses money
to invest in trade and industry for
profit in accordance with the
principles of capitalism.
What is a Capitalist in simple term?

It is an economic system in which private

individuals or businesses own capital good.
 Does capitalism is good?

There are many positive of capitalism

 It ensures efficiency because it is a self-regulated

through competition.

 It promotes innovation, freedom, and

opportunity.

 It meets the needs of the people and is beneficial

to societies as whole.
 What’s bad about capitalism?

 Ignore negative externalities, such as

pollution from production.

 Fails to provide equality of opportunity.