history

Capitalism

An economic system in which private individuals own businesses and property, and make profits through free-market competition.

Capital

Money or resources (like tools, machines, factories) used to produce goods and services.

Specialization

When workers focus on one specific task in the production process to increase efficiency.

Laissez-Faire

An economic policy where the government does not interfere in business or the economy.

Means of Production

The land, factories, machines, and tools used to produce goods.

Proletariat

The working class who sell their labor for wages.

Bourgeoisie

The middle/upper class who own businesses and the means of production.

Socialism

An economic system where the government or community owns and controls the means of production.

Communism

A system where all property is publicly owned and everyone works and is paid according to their abilities and needs.

Anarchism

A political belief that there should be no government, and people should govern themselves.