Question

Are these statements TRUE or FALSE?

Capitalism: Individuals own businesses and freely choose what to buy and sell in free markets with little government interference. Example: USA, Japan.

Socialism: Many but not all businesses are owned and controlled by the government. Example: Sweden, Denmark.

True

False

Answer 1

The statement is true. In capitalism, individuals own businesses and have the freedom to choose what to buy and sell in free markets with minimal government interference. Examples of capitalist countries include the United States and Japan. The statement about socialism is also true. In socialism, many but not all businesses are owned and controlled by the government. Examples of socialist countries include Sweden and Denmark.

Step-by-step explanation:

The statement is true. In capitalism, individuals own businesses and have the freedom to choose what to buy and sell in free markets with minimal government interference. Examples of capitalist countries include the United States and Japan.

The statement about socialism is also true. In socialism, many but not all businesses are owned and controlled by the government. Examples of socialist countries include Sweden and Denmark.