SS1 First Term Government Lesson Note – Basic Concept: Capitalism and Socialism

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WEEK 8

TOPIC: BASIC CONCEPT

CONTENT

• Capitalism: Features, merits and demerits
• Socialism: features, merits and demerits, differences between capitalism and socialism.

Sub-Topic 1: MEANING OF CAPITALISM:

Capitalism is a political and economic system in which the means of production, distributing and exchange are owned and controlled by private individuals and in which the economic activity of the government is at a minimum level. Some of the countries of the world that practice and adopt capitalism are U.S.A, Britain, Nigeria, France, Japan etc.

FEATURES OF CAPITALISM:

1. There is private ownership and control of the means of production and distribution.
2. Profit motive is the guiding principle.
3. The economy is subjected to the market forces of demand and supply.
4. There is freedom of choice for consumers, workers and owners of capital.
5. It has highly developed occupational specialization.
6. There are many producers as well as buyers.
7. It is characterized by competition and economy rivalries.
8. Labour is a marketable commodity,

MERITS OF CAPITALISM

1. It encourages faster economic development.
2. There is freedom of choice for consumers, workers and producers.

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