solved Assignment 2 Capitalism Vs. SocialismWorksheetCapitalism is an economic and political

Assignment 2 Capitalism Vs. SocialismWorksheetCapitalism is an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state whereas socialism is a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. In this assignment, you will define the roles capitalism and socialism play along with the advantages and disadvantages of each. In two to three (2-3) paragraphs:Using your textbook, paraphrase the concepts of capitalism and socialism. Then list three pros and cons of each.Define in your own words the definition of capitalism.Pro #1Pro #2Pro #3Con #1Con #2Con #3Define in your own words the definition of socialism.Pro #1Pro #2Pro #3Con #1Con #2Con #3Reference*** Make sure to cite your textbook both in-text and in the references. Refer to SWS if you need help ***