Question

1. Define: capitalism, communism, socialism, and free enterprise, democratic

Answer 1

Capitalism, a economic/ political system which has he country’s trade and industry is rather controlled by private owners for the profit.
Communism, a social, political and economic movement where the ultimate aim is to establish the communist society. This is based on the shared ownership with the factors of production but without social class, money, or state.
Socialism, economic/ political theory of a social organization that has the means of production, distribution, and the exchange that should be owned or regulated by the community as a whole
Free Enterprise, when the private business is in an operation of competition and is free from state control
Democratic Socialism, a left-winged political philosophy who supports political democracy within a socially owned economy but having a particular emphasis on economic democracy
Privatize, transferring a business, industry, or services from public private ownership
Social Insurance, a concept from which is he government can intervene in a the insurance to be protected from any problems that could’ve lead to financial problems

Answer 2

Privatise is transfer a business from public to private ownership and control.

Social insurance is a concept where the government intervenes in the insurance market to ensure that a group of individuals are insured or protected against the risk of any emergencies that lead to financial problems.