study of human efforts to satisfy seemingly unlimited wants through the use of limited resources.
economic system in which the government owns the basic means of production, distributes products & wages, and provides social services such as healthcare & welfare. Decisions for the economic system is made by majority vote by society through the government. Republic of India is an example of socialism.
economic system providing free choices and individual incentive for workers, investors, consumers, and business enterprise. Capitalism has a profit and competition motive. It is also a free market economy. The United States is an example of capitalism.
Economic system in which the central government directs all major economic decisions. Communism is a command economy, which is where the government controls all the means of production. China, Cuba, and Laos are examples of communism.