The means of production is privately owned and controlled with only minimal regulatory interference from the state for the purposes of public health and safety. Economic decisions made by millions of independent consumers acting in the marketplace. Individual rights are fully on display and there are minimal restrictions on your activities.
The means of production is owned and controlled by the state. Private property and business ownership is not permitted. State is in complete control of the economy. The people have some freedom, but there are more restrictions.
The means of production is privately owned but state controlled; a command economy driven by political whims. your rights depend on what group you belong to.Communism: The state owns everything (including your ass) and tells you what job you will do,
where you will work, where you will live and how much you will be paid and some nameless hack
from the government will totally control your life "for the greater good"