A bunch of guns shooting pew pew
National debt is the total amount amount of money that a government has borrowed. National deficit is total of all previous annual government deficits. Keep in mind that a deficit is the difference between what a government takes in and what it spends. The two are related because when the government is unable to fully repay any debt it has accrued that money becomes a part of the annual national deficit. So as the amount of national debt increases so does the amount of national deficit.
Socialism - means of production owned by the people and the government for the welfare of society
Socialism is actually a middle term between the free market and the communism. The State has a lot of power and is supposed to use it to redistribute the wealth among the people.
Capitalism - small percentage of private individuals have ownership over means of production
It generally is like that in our world, but it doesn't necessarily need to be true. Capitalism is a system that is all about free trade and anyone can produce and sell their services or products. Generally, there is always someone who gets big enough to employ thousands of people, but it isn't necessarily a bad thing. Even though many of the means of production might end up owned by few people, generally speaking, capitalism made the world richer and more technologically evolved.
Utopianism - Ideal society in which everyone is treated fairly and taken care of
The word Utopia was first used by Sir Thomas More in his book Utopia (1516). By definition, a utopia would be "an imagined place or state of things in which everything is perfect.
