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Term Definition
Caveat a notice, especially in a probate, that certain actions may not be taken without informing the person who gave the notice.
Capitalism an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Socialism a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Communism a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

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