In a short paragraph, define the term economic systems. Then give two examples of different types of economic systems. Then, give at least 2 similarities and/or differences between the economic systems you chose.

An economic system is an organizational system of the resources and production of a given territory, generally a country. In other words, it is the method by which the economic production of a country and the benefits it produces are organized, regulated and distributed.

The two best-known economic systems today are capitalism and socialism. In the first of these, production is regulated through free competition and little or no state regulation, while in the second, state participation occupies a large part of the country's production.

There are marked differences between the two economic systems: for example, capitalism seeks capital investment through low taxes, and strictly respects private property; while socialism seeks high taxes for a further redistribution of economic capacity, and property rights yield to the common welfare.

the berlin blockade was an international crisis that arose from an attempt by the soviet union, in 1948–49, to force the western allied powers (the united states, the united kingdom, and france) to abandon their post-world war ii jurisdictions in west berlin. in march 1948 the allied powers decided to unite their different occupation zones of germany into a single economic unit. in protest, the soviet representative withdrew from the allied control council. coincident with the introduction of a new deutsche mark in west berlin (as throughout west germany), which the soviets regarded as a violation of agreements with the allies, the soviet occupation forces in eastern germany began a blockade of all rail, road, and water communications between berlin and the west. on june 24 the soviets announced that the four-power administration of berlin had ceased and that the allies no longer had any rights there.

i am pretty sure it is a