Capitalism is an economic system in which the trade and industry of the economy is owned and controlled by private individuals, to make profit. Communism refers to social system in which country’s trade and industry are controlled by the community and the share of each individual relies on his ability and needs.
Beside above, how do you explain communism to capitalism for kids?
Capitalism Facts For Kids. There are two main types of economic systems – capitalism and communism. The simplest way to explain the difference between the two systems is that capitalism allows people to own their own private property or business, and communism is a system where the government controls all businesses.
Likewise, what is communism in simple words?
Communism is an economic ideology that advocates for a classless society in which all property and wealth are communally-owned, instead of by individuals.