Category: US & World Economies

What Is Communism?

Communism is an economic system where the group owns the factors of production. The factors of production are labor, entrepreneurship, capital, and land. Although the government doesn’t legally own the labor force, the central…

What Is Capitalism?

Capitalism is an economic system where private entities own the factors of production. The four factors are entrepreneurship, capital goods, natural resources, and labor. The owners of capital goods, natural resources, and entrepreneurship exercise…