Capitalism in pure market economy vs. socialism in pure command economy vs. mixed economy balance.
Capitalism is the term used to describe a pure market economy where resources are privately owned, and individuals make decisions about production, work, and consumption based on market forces.
In contrast, socialism refers to a pure command economy where the government owns all resources and makes decisions about what to produce, how to allocate resources, and assign tasks to individuals.
A mixed economy combines elements of both market capitalism and command socialism, allowing for a balance between private ownership and government intervention in economic activities.
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