Every single country around the world has at least one thing in common: an economic system. An economic system is an organized way of providing for the wants and needs of the people. These economies give countries the ability to make food, clothes, and housing available to a good majority of the people. There are three main categorized economic systems: market, command, and traditional economies. Command-including socialism and communism-is not as common, traditional is somewhat used through the world, and market, or capitalistic economies are the most widespread (s-cool). Command economies and market economies are comparable in the way their resources are managed and owned and the role of the Government in the economy.
When it comes to the ownership of resources, market and command economies can be very similar when talking about capitalism and socialism; communism, on the other hand, is a lot more diverse. Capitalism and socialism both carry the right for workers to own the production, means, and rights to any resources. Communism gives some privately owned firms a chance, but they are very closely watched and directed by the state management.
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Capitalism allows private ownership in all property and resources, which allows them to freely use their resources as they wish. This economy also allows competitive markets to create the drive to want to do better and to make the most out of the businesses (amosweb). Communism is not as generous. They have complete control over all resources and means of production and there is not toleration for a competitive market to ensure that no one is ranked higher or even paid much higher than another (infoplease). Socialism is not much different than capitalism in this aspect other than there is government control over larger, key industries and its resources