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Economy Questions: Capitalist vs Socialist Ideologies

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What question does each economy have to ask in order to provide services? Also, how do these decisions differ in a capitalist vs. a socialist ideology?

I think the main questions each economy has to ask in order to provide services are what to produce, how to produce, and for who to produce. Am I right?

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Solution Summary

The questions each economy must address and how socialist and capitalist economies differ in their solutions to these questions.

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Yes, in order to produce any good or service, the economy must determine what it is that is to be produced, how much of it is needed, and who should receive it. In capitalism, these decisions are driven by the market: higher prices encourage greater production of a particular ...

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