CAPITALISM: A type of economy based on -- (1) private ownership of most resources, goods, and other stuff (private property); (2) freedom to generally use the privately-owned resources, goods, and other stuff to get the most wages, rent, interest, and profit possible; and (3) a system of relatively competitive markets. While government establishes the legal "rules of the game" for capitalism and provides assorted public goods, like national defense, education, and infrastructure, most production, consumption, and resource allocation decisions are left up to individual businesses and consumers. The term capitalism is derived from the notion that capital goods are under private, rather than government, ownership (compare communism, socialism.

     See also | market | capital | competition | private sector | public sector | free market | laissez faire | efficiency | allocation | government | resources | public good | production | consumption | incentive | equity | income distribution | distribution standards | second estate |

CAPITALISM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: May 11, 2021].

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The four aggregate sectors of the macroeconomy--household, business, government, and foreign--that reflect four key macroeconomic functions and are responsible for four expenditures on gross domestic product. These four sectors are the primary "actors" on the macroeconomic stage. Macroeconomic theories then explain macroeconomic phenomena by exploring the interaction among these four sectors.

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