Today in class was kind of boring, and I was thinking meaningless, but it definitely wasn't! We discussed important terms that we all need to know. The words were capitalism, communism, free enterprise, and free market, you can find the definitions at the bottom of this post. We had to find the definitions at the beginning of class, and then we went into more detail and found out important things that all of our definitions needed to have and we had to change somethings to make them more accurate and easier to understand. Mr. Schick got really upset because everyone in my class always talks and never pays attention, if we keep it up, I have a feeling Mr. Schick isn't going to be as cool anymore...
capitalism - An economic and political system in which a country's trade and industry are controlled by private owners for profit
communism - classless social order and a society in which all property is state owned and each person works and is paid according to their abilities and needs
free enterprise - An economic system in which private business operates in competition and largely free of state control
free market - An economic system in which prices are determined by unrestricted competition between privately owned businesses
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