Some important terms!

Today we discussed four important terms:

Capitalism- An economic and political system in which a country's trade and industry are controlled by private owners for profit. (America)

Communism- (classless; state owned/Gov.) a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community  as a whole or to the state.( China)

Free enterprise- an economic and political doctrine holding that a capitalist economy can regulate itself in a freely competitive market through the relationship of supply and demand with a minimum of governmental intervention and regulation.

Free market- an economic system in which prices and wages are determined by unrestricted competition between businesses, without government regulation or fear  of monopolies.

We also talked about how in America there are a lot of poor people but a very high number of rich people. Also We were talking about how a baseball player makes millions of dollars a year but a teacher doesn’t even make anything close to that and teachers better the world by helping people learn and baseball players don’t really do anything but play a sport and have people come and watch them.

Cites:

http://dictionary.reference.com/browse/free+market?s=t