Capitalism: Economic system based on the private ownership of the means of production, distribution, and exchange of goods depending on competition in the free market.
pros: promotes economic growth, gives people more opportunites in business, consumers control the market
cons: a lot of competition, makes economy money-orientated
Socialism: A system where the production and distribution of goods is controlled by the state.
pros: distributes wealth, increases workers rights, stable economy
cons: increased taxes, not really possible to create equality
Communism: system in which the state plans and controls the economy, collective ownership of property and by the organization of labor for the common advantage of all members
Pros: same standards for everyone, lower crime rates, invest in education
Cons: Cannot raise your standards, a lot of focus on one group
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