Capitalism- Capitalism is an economic and political
system that is centered on every person’s individual rights. It is a system
that also focuses on the rule of law over the rule of man, meaning the law is
to be followed. Capitalism is a social system based on the principle
of individual rights. Politically, it
is the system of laissez-faire (freedom). Legally it is a system of objective
laws (rule
of law as
opposed to rule of man). Economically, when such freedom is applied to the
sphere of production its’ result is the free-market.
Communism-
The political system where all land and objects are owned by everyone in a “classless”
society.
Free enterprise- Free enterprise is the freedom to
trade without government control over your trades. The doctrine or practice of giving
companies the freedom to trade and make a profit without government control
Free market- An economic system in which businesses operate without
government control in matters such as pricing and wage levels.
Inequity- Unfair treatment or action.
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