December 6,2012

Today in class, we watched the 3rd part to our video. Its called The Peoples Capitalism of China. During the video, the computer we were watching it on kept playing ads in the background.  Then we switched to someone else computer so that's good. No wonder a lot of people are mad about how our products we buy are made in China.!!! This video has taught be a lot about China's economy. 

Definitions

 Capitalism- a economic and political system, characterized by private corporate ownership of capital goods 

Communism- a revolutionary socialist movement to create a class less and stateless social order 

free enterprise- a system with few restrictions are placed on ownership and business activities. 


free market- a economic system where prices and wages are determined by the companies, not regulated by the government.