Today in class (day 50)

Today in class instead of watching the video "The People's Republic of Capitalism" we looked up definitions of the words: capitalism, communism, free enterprise, and free market. Capitalism means an economic and political system in which a country's trade and industry are controlled by private owners for profit. That means when someone starts a business THEY own it, not the government. Communism means 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. That means that the government owns the business and is the opposite of capitalism. China had their government as a communism.  This type of theory is classless. That means that there are no upper, middle, or lower class. Free enterprise means an economic system in which the means of production and distribution are privately owned and operated for a private use. Lastly free market means an economic system in which prices are determined by unrestricted competition between privately owned businesses.