1. 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
2. Communism- is a revolutionary socialist movement to create a classless and stateless social order structure common owner ship of the means of production, as well as a social political and economic ideology that aims at the establishment of this social order.
3. Free enterprise- freedom of private business to organize and operate for profit in a competitive system without interference by government beyond(government can tell you how to run your business but only in certain ways) regulation necessary to protect public interest and keep the national economy in balance.
4. Free market- an economic system in which prices and wages are determined by unrestricted competition between businesses, without government regulation or fear of monopolies.
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