Can anyone help me on economics

Question

can anyone tell me a brief explanation what capitalism, communism, and socialism, and which one is north korea and why? thnx

Answer 1

Capitalism is an economic system where everything is privately run.  There is private property, and the means of production (eg factories) are run by people or firms, not the government.  The allocation of resources to production is decided through prices by the people, and they are produced by whoever is willing to pay for them, so the people with money are the people with the most goods.

Socialism and communism are technically distinct, but they are often treated as the same thing.  They both require government ownership of property and factories.  The state decides what is produced and for whom it is produced.  Prices do not play an important role as in capitalism.

North Korea is socialist, because the factories and pretty much all industries except agriculture are owned by the government.