controlled by private owners for profit rather then by state
Communism- A political theory derived from Karl Marx, advocating class war and leading to
a society in which all property is publicly owned and each person works and is paid according
to their abilities and needs. Classless society
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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