Capitalism Communism Definition An economic system based on An economic system based private ownership of resources on collective ownership of & competition They are both resources & shared wealth ECONOMIC ($) systems Type of Capitalist countries are usually Government needs Communist countries are democratic (people can vote) the people’s usually totalitarian (one leader Government support is in charge)Division of Some people have more than Resources are shared; you get others; you earn $ based on $ from the government based Resources? how you work on what you need Who People who can make a lot of People who Aimed at benefiting the masses money are in power (more people benefit, but benefits? benefit overall people have less)