Wednesday, December 5, 2012

vocab


Capitalism
 is an economic and political system in which investment in and ownership of theme ans 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.

Communism
A theoretical economic system characterized by the collective ownership of property and by the organization of labor for the common advantage of all members. (classless)

Free market
is an economic system in which prices andag wes are determined by unrestricted competition between businesses, without government regulation or fear of monopolies.

Free enterprise
The freedom of private businesses to operate competitively for profit with minimal government regulation.

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