Final answer:
Capitalism involves private ownership and competition, socialism focuses on collective ownership for common good, while communism aims for equal distribution of resources.
Explanation:
Capitalism is an economic system where private individuals own and control resources, leading to profit pursuit and competition. Socialism involves collective ownership of goods and resources for the common good, with government control over production decisions. Communism extends government ownership to a higher level than socialism, aiming for equal distribution of resources among the population.
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