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Capitalism 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. Socialism is a political and economic theory of social organization that advocates for the means of production, distribution, and exchange being owned or regulated by the community as a whole 

• Explain the concepts of capitalism and socialism.
• Compare and contrast capitalism and socialism with supporting definitions, explanations, and examples.
• Identify three pros and three cons for both capitalism and socialism.