Communism

Capitalism –

An economic system where individuals, not the government, own businesses and resources. It focuses on making profit, competition, and free markets.

Free Market –

A system where people buy and sell freely, with little or no government control. Prices are set by supply and demand.

Open Competition –

When everyone has a fair chance to compete in business.

Profit Motive –

The desire to make money, which drives people to start businesses and work hard.

Private Ownership of the Means of Production –

When individuals own resources like land, factories, and tools used to make goods, instead of the government.

Capital –

Money or assets (like factories and machines) used to produce goods and services.

Free Enterprise –

A system with few government restrictions, where businesses can operate freely.

Individualism –

The belief in personal freedom and independence; people make their own choices and decisions.

Invisible Hand –

The idea that the economy works best when people act in their own self interest, guiding the market naturally.

Laissez Faire –

A French term meaning "leave it alone"; it refers to minimal government involvement in the economy.

Market Economy –

An economy where decisions about production and prices are made by individuals and businesses, not the government.

Market Forces –

The push and pull of supply and demand that determine prices and production levels.

Profit –

The extra money made after subtracting expenses from revenue.

Property –

Anything you own,

Supply and Demand –

Supply: How much of a product sellers are willing to offer. Demand: How much of a product buyers want. Together, they decide the price.

Communism

A political and economic system where all property and resources are owned by the community or government, not individuals.

Classless Society

A society where there are no social classes like rich or poor; everyone is considered equal.

Collective Ownership

All resources (land, factories, businesses) are shared by everyone, managed by the government or community.

Means of Production

anything that produces good, like factories, machines, and people, which is controlled by the community or government, not individuals

Central Planning / Command Economy

The government controls what is produced, how much is produced, and sets the prices instead of supply and demand.

Proletariat

The working class, people who make/grow goods for the bourgeoisie, own only their labor and must sell to survive.

Bourgeoisie

The wealthy capitalist class that owns the means of production, like businesses and resources.

State Owned Property

In communism, the government owns everything like factories, land, and businesses on behalf of the people.

Collectivism

The belief that group goals are more important than individual goals.