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Economic Terms
Free Market Capitalism
A free market is a competitive market where prices are determined by supply and demand. However, the term is also commonly used for markets in which economic intervention and regulation by the state is limited to tax collection, and enforcement of private ownership and contracts. Free markets differs from situations encountered in controlled markets or a monopoly, which can introduce price deviations without any changes to supply and demand. Advocates of a free market traditionally consider the term to imply that the means of production is under private, and not state control or co-operative ownership. This is the contemporary use of the term "free market" by economists and in popular culture; the term has had other uses historically.
A free-market economy is one within which all markets are unregulated by any parties other than market participants. In its purest form, the government plays a neutral role in its administration and legislation of economic activity, neither limiting it (by regulating industries or protecting them from internal/external market pressures) nor actively promoting it (by owning economic interests or offering subsidies to businesses or R&D).
The theory holds that within an ideal free market, property rights are voluntarily exchanged at a price arranged solely by the mutual consent of sellers and buyers. By definition, buyers and sellers do not coerce each other, in the sense that they obtain each other's property rights without the use of physical force, threat of physical force, or fraud, nor are they coerced by a third party (such as by government via transfer payments)[1] and they engage in trade simply because they both consent and believe that what they are getting is worth more than or as much as what they give up. Price is the result of buying and selling decisions en masse as described by the theory of supply and demand.
Ref: Free_market in wikipedia
Just Market Capitalism
Just Market Capitalism is Free Market Capitalism with government intervention to provide Full Employment and modulation of the business cycle.
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category. There is general agreement that elements of capitalism include private ownership of the means of production, creation of goods or services for profit, competitive markets, and wage labor. The designation is applied to a variety of historical cases, varying in time, geography, politics and culture.
Ref: Capitalism
Micro economics
Economics from the point of view of a single person.
Q. Is it better for the individual to be employed or not?
Macro economics
Economics from the point of view of the entire society.
Q. Is better for everyone to be employed or not?
Business Owner
Business Owner - the person who takes the risk of starting and managing a business for profit.
Laborer
Laborer - the person providing the skills and time to produce a product or service.
Capitalist
Capitalist - the person providing capital (money) to fund a business.
Socialist
Socialism is an economic system in which the means of production are commonly owned and controlled cooperatively; or a political philosophy advocating such a system.
Ref: Socialism
Communist
Communism is a social, political and economic ideology that aims at the establishment of a classless, moneyless, revolutionary and stateless socialist society structured upon common ownership of the means of production.
Ref: Communism