Opportunity cost is the potential benefit of an alternative opportunity that must be sacrificed when choosing a specific action. In other words, opportunity cost measures the cost of giving up one opportunity to take another. For example, if you want to buy a new car, you need to give up...

Communism is a political, economic and social philosophy that seeks to establish joint ownership of the means of production and the elimination of social classes. Communism emerges as a critique of the capitalist system that promoted the accumulation of capital as a mechanism to generate wealth, private ownership of the means of production and the use of the market as a mechanism for allocating resources.