Final answer:
Capitalism emphasizes private ownership and voluntary exchange, while socialism and communism focus on state ownership and varying levels of equality.
Explanation:
Capitalism
Capitalism is an economic system where individuals own property and engage in voluntary exchange in free markets. Production is based on demand rather than government control.
Socialism and Communism
Socialism involves state ownership of major industry with resource allocation based on a mix of natural rights and individual achievements. Communism advocates for complete equality with all property publicly held by the state.
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