WORLD HISTORY

Detailed explanation-1: -Capitalism refers to an economic system where private businesses can have ownership of capital goods. As per capitalism meaning, individuals can privately own means of production.

Detailed explanation-2: -What Does Free Market Capitalism Mean? Any economy is capitalist as long as private individuals control the factors of production. A purely capitalist economy is also a free market economy, meaning the law of supply and demand, rather than a central government, regulates production, labor, and the marketplace.

Detailed explanation-3: -A capitalist economy is a type of free market economy; the profit motive drives all commerce and forces businesses to operate as efficiently as possible to avoid losing market share to competitors.

Detailed explanation-4: -Socialism. Socialism is a political and economic system wherein property and resources are owned in common or by the state.

Detailed explanation-5: -Communism is a social, political, and economic ideology, where all property is publicly owned. Social classes do not exist. Instead, everyone is paid the same and receives what is needed. Marx hypothesized that clashes between the working and capitalist classes would lead to communism.