Vocabulary Terms

​Capitalism

​Private individuals own and control most of the factors of production—the resources used to produce goods and services. Individuals also own and run most companies, which compete with other companies for business.

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Vocabulary Terms

​Liberalism

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A political philosophy advocating personal freedom for the individual, democratic forms of government, continual reform in political and social institutions, etc.

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Vocabulary Terms

​Socialism

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Social and economic doctrine that calls for public rather than private ownership or control of property and natural resources.

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Vocabulary Terms

​Marxism

​The political, economic, and social theories of Karl Marx, including the belief that struggle between social classes is a major force in history, and there should eventually be a society in which there are no classes.

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