Definitions

1. 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
2. Communism: 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
3. Free Enterprise: An economic system in which private business operates in competition and largely free of state control
4. Free Market: An economic system in which prices are determined by unrestricted competition between privately owned businesses