Compare and contrast socialism, communism, and capitalism

Communism is the far left approach - everything is regulated by the government, and everyone working the same job gets the same wage. There's little to no incentive for working hard in your job, but almost everything is shared equally.

Socialism is more of a middle approach - some of the market is capitalist, and some is communist. For example, public health care is mandatory for everyone in Canada. It's regulated by the government, but not much else business wise is.

Capitalism is essentially where most if not all of the market is privately owned and funded. The government doesn't do much business wise except set regulations, and the price is based off of competition and finding an equilibrium