Wednesday, December 5, 2012

Definitions

 Capitalism- an economic and political system that is based on private ownership of the means of production and the production of goods or services for profit. Lead by private individuals, Government doesn't tell you what to do.

Communism- A system of government meant to create a classless and stateless social order. Meant to make sure that everybody has enough money, too little or too high.

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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