Captitalism: A market economy., Limits on government intervention.,  Based on private ownership and individual economic freedom (or CHOICE).,  Most factories and businesses are owned by private individuals, not the government., Based upon wage labor., Private ownership of the means of production like factories, machinery, farms and, offices., Adam Smith, Supply and demand determine prices., Competition between producers is encouraged., "Laissez-faire" or "let it be" meaning the government is hands off the economy., The business or person with the best product for the lowest price will be the most profitable. , Encourages innovation of ideas for personal gain., Communism: A command economy. , Both an economic system and a government system., Karl Marx, Meant to eliminate the gap between the rich and the poor and make everyone equal., Believes workers would eventually rise up and take over., No private owership of property or businesses., Believes the people should control the economy through the government., Generally associated with authoritarian governments., Socialism: Everyone works for wealth that is, in turn, distributed to everyone., Higher taxes to pay for services like healthcare., Main goal is to narrow, not totally do away with, the gap between the rich and the poor., Believes the government should redistribute wealth by taxing the rich to make society fairer.,  Means of production in the hands of the people, either directly or through the government., Everyone works for their own good and the good of everyone else.,

Economic Systems

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