Socialism includes private individuals or businesses, rather than the government, own and control the factors of production: entrepreneurship, capital goods, natural resources, and labor. Capitalism's success is dependent on a free-market economy, driven by supply and demand. With socialism, all legal production and distribution decisions are made by the government, with individuals dependent on the state for food, employment, healthcare, and everything else. The government, rather than the free market, determines the amount of output (or supply) and the pricing levels of these goods and services.
I would definitely sum this up before answering!
