Nick feels that poverty exists because powerful people exploit the powerless. Jacob disagrees because he thinks poverty serves a purpose in society in that it makes people want to work hard to avoid being poor. Nick is a _ while Jacob is a _____.

Socialist is a person who tries to find out the cause of sufferings of people based on government planning, and limitations on private control over the resources. Poverty, exploitation, unemployment, food shortage are some of the factors observed by the socialist in a population.
Capitalist is a person who tries to find out the cause of non-functioning of the government or market due to limitations at the public level. The common people can take initiative to solve the problem. Lack of skilled labor, insufficiency in production, and other are the factors that are observed by the capitalist.
Nick is a socialist because he thinks that the cause of poverty is due to exploitation of people and common people cannot act against it as they have become powerless.
Jacob is a capitalist because he thinks that people can try to work hard to avoid poorness.

Hence, Nick is a socialist while Jacob is a capitalist.

Learn more about socialist:

https://brainly.com/question/15636204

Nick feels that poverty exists because powerful people exploit the powerless. Jacob disagrees because he thinks poverty serves a purpose in society in that it makes people want to work hard to avoid being poor. Nick is a ___________ while Jacob is a _______________.