History

ECONOMICS:

Def: a social science concerned with the 1) production,

2) distribution,

and

- 3) consumption of goods and services.

It studies how individuals, businesses, governments, and nations make choices on allocating scarce resources to satisfy their wants and needs, trying to determine how these groups should organize and coordinate efforts to achieve maximum output. (Investopedia - emphasis is mine)

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CAPITALISM:

an economic system characterized by 1) private or corporate ownership of capital goods and investments, and by 2) prices (etc.), production, and the distribution of goods that are determined by producers and consumers in competition in a free market or a free enterprise system.

? Job of Government? - - - should play little to no part in this system (laissez-faire / "leave it alone" - no interference), basically only having two jobs: 1) guaranteeing private property rights and 2) establishing a 'rule of law' which allows for equality (of opportunity) in the system.

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SOCIALISM:

I. Any of the various economic and political theories advocating "collective" or governmental ownership and administration of the means of production and distribution of goods. Also, a system or condition of society in which the means of production are owned and controlled by the state / national government

(representing the people and for their good).

II. The state might also attempt to be 'more fair' to all, or create equality (of outcome, or equity*), through a redistribution of wealth. This program might include 1) higher taxation for the wealthy and the successful businesses, with little or no taxation of the lower classes. That extra money might be used for 2) social programs to help the lower classes, such as free food, education, housing and/or medical.

(*equity* - The term "equity" refers to fairness and justice and is distinguished from equality.

Equity means recognizing that we do not all start from the same place and must acknowledge and make adjustments to imbalances. The process is ongoing, requiring us to identify and overcome intentional and unintentional barriers arising from bias or systemie structures.