Praxis II Citizenship

Answer: A - The primary difference between socialist and capitalist economic systems is who owns the means of production. In socialist economies, the means of production are generally owned by the public and run by a central authority. In capitalist economies, the means of production are owned by individuals and private companies, who manage their productions independently. (C) is incorrect because socialist economies are inherently equal, while capitalist systems are inherently unequal. The central authority in a socialist system distributes all means of production and revenue equally among the participants. Conversely, capitalism hinges on competition, which is driven by inequality. (D) is incorrect because capitalist systems are more efficient, since profits can be increased by improving efficiency or offering incentives to laborers or buyers.