Wednesday, December 5, 2012

Definitions

Capitalism- Is a social political-economic system based on the principle of individual rights.

Communism-  Is a revolutionary socialist movement to create a classless and stateless social order structuredupon common ownership of the means of production, as well as a socialpolitical and economic ideology that aims at the establishment of this social order.

Free Enterprise- Is an economic system that is based on private ownership of the means of production and the creation of goods or services for profit.

Free Market- Is a market where the price of a good or service is determined by supply and demand, rather than by governmental regulation.


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