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). Understanding the difference between capitalism and socialism will help you understand how these economic systems impact how resources are collected and distributed within society, which is connected to that society’s system of work. In this assignment, you will write an essay discussing how capitalism and socialism function in different countries.PreparationCapitalist Country-UKSocialist Country- VenezuelaInstructionsResearch the capitalist and socialist countries listed above and then write a one-page essay in which you do the following:Explain the concepts of capitalism and socialism in your chosen countries.Compare and contrast capitalism and socialism in your chosen countries with supporting definitions, explanations, and examples.Identify three pros and three cons for both capitalism and socialism in your chosen countries.******ATTENTION******Requires 2 additional quality sources.Sources1. William H. Shaw. 2014. Business Ethics: A Textbook with Cases. Wadsworth, Cengage Learning 8th edition textbook.