Capitalism and Socialism: Capitalism is an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than the state. I believe that the Market Economy would be what is associated with Capitalism because a Market Economy is an economy in which decisions regarding investment production and distribution are based on supply and demand, and prices of goods and services are determined in a free price system. Two basics of capitalism are: collective leadership, and equal distribution of resources. An advantage of Capitalism is the fact that people can chose what they want to spend their money on. There are no limitations on what they can spend it on. A disadvantage of Capitalism is the barriers between people based on how wealthy they are, and how much money they make. Socialism is a political and economic theory of social organization that advocates that the mean of production, distribution, and exchange should be owned or regulated by the community as a whole. I believe that the Mixed Economy would be associated with Socialism because a Mixed economy is an economy combining private and public enterprises. Two basics of Socialism are: Everyone will get what they need, and pretty much to spread the wealth. An advantage of Socialism is the fact that they make good use of land, labor, and resources, they also avoid excess or insufficient production. A disadvantage of Socialism is they have slow economic growth. .