Terms

Capitalism-

an economic system and political system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by the private individuals or corporations, especially as contrasted to cooperatively or state-owned means of wealth. 

Communism-

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. A revolutionary socialist movement to create class list and state list social order.

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. Freedom of private business to organize and operate for prophet in a competitive system without interference of government beyond regulation nesisary to protect the public interest and keep the nation economy in balance.

Free market-

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