Today in class we went over/discussed the definitions for capitalism, communism, free enterprise, and free market.
Capitalism – An economic and political system
when a countries trade and industry are controlled by private owners.
Communism – A revolutionary socialist
movement to create a classless and stateless social order structured upon
common ownership of the means of production, as well as a social, political and
economic ideology that aims at the establishment of this social order.
Free enterprise -An economic system where few
restrictions are placed on business activities and ownership.
Free market – A market where the price of a
good or service is determined by supply and demand, rather than by governmental
regulation.
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