Capitalism is an economic and political system in which a country’s trade and in

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 (1). In this assignment, you
Note: You must watch this video on capitalism and socialism before you begin this assignment.
Please click on this link to watch the video: https://www.kaltura.com/index.php/extwidget/preview/partner_id/956951/uiconf_id/39456672/entry_id/0_saeyaii3/embed/dynamic?
Instructions
Discuss the three main points below:
1. Explain the concepts of capitalism and socialism.
2. Compare and contrast capitalism and socialism with supporting definitions, explanations, and examples.
3. Identify three pros and three cons for both capitalism and socialism.
Your three main points must have “headers” in bold within your paper. You cannot use .com websites. You’re only allowed to use academic websites and they must have the url.