Vocabulary

Capitalism-(n) an economic and political 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.

Communism-(n) 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. It is a revolutionary socialist movement to create a classless society in which rich people distribute their wealth so that

Free Enterprise- (n) 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. Private business operating for business. The goverment can't tell you how to run your business, except for safety and minimum wage.

Free Market- (n) An economic system in which prices and wages are deterermined by unrestricted competition between privately owned businesses, without government regulation or fear of monopolies.