Blog #49- Vocab

Capitalism- It is a economic and political system that entails private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined by competition in the free market.

Communism- A system in which goods are owned in common and are available to all as needed; a theory advocating elimination of private property(A classless system).


Free Enterprise- Freedom of private business to organize and operate for profit in a competitive system without interference by government beyond regulation necessary to protect public interest and keep the national economy in balance.

Free Market- An economic market operating by free competition

Work Cited-
Merriam-Webster Dictionary