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What are the 3 basic economic question? Describe the differences in the way capitalism and socialism view it?

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Its an economic question.

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  1. What to produce? How to produce? How to distribute?

    Income generation? Resource Allocation? Income Distribution.

    In Capitalism, individual property rights and free markets solve these questions the most efficient way.

    In Socialism, State planning and State ownership of all firms and all resources solves the questions better than in capitalis.

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