Owners of resources must feel secure that their properties are protected. The government must provide this security by protecting property rights. Individuals need to feel safe that agreements made with other individuals or groups of individuals will be honored.

If the market system is left unregulated it may distribute the total product among the members of the society in an unsatisfactory manner, the government should be involved to achieve just distributions of income among individuals in the society.

Capitalism – economic system based on competition between businesses

Communism – socialistic ideal that aspires to economic equality and equal distribution of property.

Fascism – extreme nationalism, dictatorial form of government

Socialism – political theory advocating collective ownership and administration of production and distributions of goods, justice and equality.

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