Definitions

Capitalism=an economic and political  system characterized by 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 mainly by competition in a free market
- type of economy were the companies have private ownership for example apple is run by people that know about computer and the store two sisters is run by two woman
- the companies are not owned by the government
- America's government uses this system

Communism= 1. 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. a system of social organization in which all economic and social activity is controlled by atotalitarian state dominated by a single and self-perpetuating political party.3.  the principles and practices of the Communist party.

-classless- no upper, middle, or lower  class except for the main government because no one owns any companies the state owns everything/ state owned= means owned by the countries government
- type of economy where the government owns everything 
- thinks its immoral to have poor people if you have people that are very rich

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

- no state control 

-the companies decided how much they sell their products for 

Free Market=an economic market operating by free competition

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 Works Cited:

http://www.merriam-webster.com

Today in class we discussed what each of these vocab words meant. we also talked about how in our economy some jobs get paid more then others. For example, a baseball player receives a lot more pay then a teacher. even though some argue that teaches are more important to the society.