capitalism : people can own property and businesses. prices for products are determined by customers & other competitors. things are done and made for customers
socialism : everything is done and made for the benefit the country. government sets the prices for products.
mixed economy : everything is done and made for the benefit the country and customers. prices for products are determined by customers & other competitors but the government acts like a cop to prevent unfairness and tries to make sure everyone has their basic needs met
