Question

define each system in your own words. then, identify at least three key traits of each.

economic system

capitalism
definition (in your own words)
key traits (at least three)
private property rights,free - market competition, profit - motive

socialism
an economic system with collective ownership of means of production and focus on social welfare.

communism

Explanation:

Communism is an economic - social system aiming for classless society with common ownership of means of production and distribution based on need. Key traits: common ownership, planned economy for social welfare, and absence of exploitation. Socialism is an economic system with collective ownership of means of production and focus on social welfare. Traits: collective ownership, planned or mixed economy, social - welfare orientation. Capitalism is an economic system with private entities owning means of production for profit. Key traits: private property rights, free - market competition, profit - motive.

Answer:

Communism

• Definition: An economic and social system where the means of production are commonly owned, aiming for a class - less society with distribution based on need.
• Key Traits: Common ownership of means of production, planned economy focused on social welfare, absence of exploitation.

Socialism

• Definition: An economic system characterized by collective ownership of the means of production and a focus on social welfare.
• Key Traits: Collective ownership of production resources, planned or mixed - economy structure, social - welfare orientation.

Capitalism

• Definition: An economic system in which private individuals or entities own the means of production and operate for profit.
• Key Traits: Private property rights, free - market competition, profit - motive.