Question

How do the wants and needs of the residents of capitalist and socialist societies affect the central economic problems in these societies?

Answer 1

There's no "socialism" or "capitalism". These are Marxist constructs, based on assumptions that were known to be false even at Marx's time. Search Quora for very clear explanations why Marxist "economic theory" doesn't hold water. Finding out what labour theory of value is and why is it false may be a good start.

There's only one viable form of economy -- the one that human beings evolved over the millenia. It is based on a free unforced exchange between economic agents, and on a wonderful ancient invention called "money". Attempts to replace this evolved mechanism with a man-made one inevitably cause destruction of value, widespread poverty, famine and death.

Marxists usually point out that "socialism" in the USSR was somehow incorrectly implemented by those pesky Russians, who are to blame for their misery. It's clear why they prefer not to notice Maoist China, North Korea, Cuba, Burma, Indira Gandhi-era India, Eastern Europe and many other places. Banning the natural economy leads to failure -- everywhere in the world.

But once freed from the shackles of "socialism", the very same people prove to be very adept at creating a flourishing growing economy. China is the most visible example these days, and the contrast between South and North Korea is quite stark (to say the least).