HISET Social Studies Practice

The concept associated with the abolition of private ownership is communism. Communism advocates for the collective ownership of property and means of production, with the idea that resources should be distributed according to need rather than individual wealth or profit. In this system, it is believed that eliminating private ownership leads to a classless society where goods and services are shared among all members of the community. In contrast, capitalism supports private ownership and the free market, where individuals and businesses own and control property and economic resources. A mixed economy incorporates elements of both capitalism and socialism, allowing for some private ownership while also establishing a system for government intervention. Democracy, on the other hand, is primarily a political system focused on the governance and representation of the people, rather than economic ownership structures.