Former and current Socialist countries like China, Vietnam, Poland, Estonia, Slovakia and Albania all experienced strong economic growth (by GDP) within 20-30 years as they transitioned to a market economy (i.e., Capitalism).

3 major features (or pillars) of Capitalism include Private Property, Market Economy, and the Firm's Profit Motive - and other related features.

Identify and explain at least 2 reasons why Income Inequality is an acceptable & necessary outcome of a Capitalist system. Some examples would be helpful.