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A P 100% * Normal text Arial 12 + BIUA Three Economic Systems 1. Capitalism - began during the Industrial revolution of the 16th century. Definition: capitalism_or capijal is individuals or companies_owned and invested in business to create more wealth for that Key Words: Entrepreneur : a person who risks his or her wealth for a commercial undertaking. extremely government involvement in and capitalism were built on their at the of the people.) Key Person: Adam Smith_- believed in market free_economy wrote the_book of_The Wealth of Nations_ 2. _Communism_- began as a reaction to the Industrial Revolution Definition: an to the _laissez faire style of government that developed during the Industrial period. (Endorsement of ownership, rather than private ownership of . property, and the means of