Economics

Capitalism

an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. Means of production are controlled by private owners.Capitalist economic systems invariably lead to inequalities of wealth and income. However, it is argued that this inequality provides an incentive for wealth generation and economic growth In a capitalist society, firms could gain monopoly power over consumers and workers. A capitalist society driven by the profit motive may take decisions to maximise economic income in the short term, but at a cost of environmental problems in the long-term.

Communism

A system of social government of social organization based on the holding of all property in common ,actual ownership being ascribed to the community as a whole on the state.The government owns must of the factors of production and decisions the allocation of resources and what will be provided.The government makes all the economic decisions and the people have no say.There is no competition and that differences among their people then business which is driven by profit motiur .Example of Country are China ,Cuba,Laos,North Korea,Uietnam.

Socialism

a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.The government owns the basic means of production distributes products.example of countries that have sovialism is Bulgaria,Cambodia,China,Cuba