By: Osman Shaikh 8-6
Definition of Communism
According to Merriam - Webster Online, Communism from a government and economic point of view is where the government controls all the things that are used to make and transport products such as land,oil and factories, a communism economy run by the government, an example of a command economy would be North Korea. A communism economy is similar to a command economy since the government is in charge of the decisions (a command economy is where the government is in charge of the economy) and it is not a mixed (a mix economy is when it is balanced between a command and market economy, a market economy is when it is up to the citizens/consumers) and market economy since it is not relied on consumers/citizens and other people outside of the government are not involved in this.
Definition of Capitalism
According to Merriam - Webster Online, Capitalism is similar to a communism economy, however, instead of the government being in charge of controlling all the things that are used to make and transport products. (such as land,oil,factories etc.) Individual people or individual companies are in charge of this. A capitalism economy is similar to a mix economy (a mix economy is in-between a command and market economy) since individual companies/people are in charge of transporting these products and the government is not fully into it, and it's not relied on consumers buying the products therefore this economy is similar to a mixed economy.