Economic Systems

By Nick Medlen

Capitalism

Capitalism has Free enterprise, Competition, Freedom of choice, and they also make a lot of profit. It is also 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
All or most of the means of production are privately owned and operated, and the investment of capital and the production, distribution and prices of commodities (goods and services) are determined mainly in a free market, rather than by the state.
A Capitalist economic system is one characterised by free markets and the absence of government intervention in the economy.
Successful competitors focus on reality, inventions, innovations, materials and methods–not on rivals.
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The United States is a capitalist country.

Socialism

Socialism distributes Wealth & Economic opportunity equally. The society is going to use the government to control decisions about production. Socialism use Public ownership of most land, resources, factories and means of production
A way of organizing a society in which major industries are owned and controlled by the government rather than by individual people and companies
Socialism is state ownership of common property, or state ownership of the means of production.
In a socialist state or country the focus on cooperation not competition
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North Korea is a socialist country.

Communism

  1. a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

The members of the society own them collectively. They are run by administrators but with no one having ownership interests.
communism refers to community ownership of property, with the end goal being complete social equality via economic equality.
The theoretical advantages of communism are built around equality and strong social communities. Which is strong for competition.
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Cuba is a communist state.