capitalism
noun
an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth.
My notes: political and economic system
communism
noun
1.
a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.
2.
(often initial capital letter) a system of social organization in which all economic and social activity is controlled by a totalitarian state dominated by a single and self-perpetuating political party.
3.
(initial capital letter) the principles and practices of the Communist party.
My notes: No upper, middle, or lower class (classless). State owns everything- no individual owned businesses.
free enterprise
noun
1.
an economic and political doctrine holding that a capitalist economy can regulate itself in a freely competitive market through the relationship of supply and demand with a minimum of governmental intervention and regulation.
2.
the practice of free enterprise in an economy, or the right to practice it.
My notes: No state control.
free market
noun
an economic system in which prices and wages are determined by unrestricted competition between businesses, without government regulation or fear of monopolies.
My notes: No government regulations. Companies chose the price of the product based on competitors pricing of the same object.
ALL OF MY INFORMATION IS FROM DICTIONARY.COM with a few of my notes taken from class
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