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This essay will cover the basics of the three economic systems; communism, socialism and capitalism. Each economic system will be defined, then explained in further detail, compared and contrasted to the others, and illustrated with real-life examples. Communism is an economic system where the government owns and operates the means of production and distribution. On the other end of the spectrum is capitalism, where private individuals own and operate the means of production and distribution. A socialist economic system is defined as a mixed market; the basic means of production are owned and managed by the government, but individuals own and operate many private busine