While there are incentives to work hard in the private sector for capitalist, socialist, and mixed economies, there is little incentive to work in a communist economy.
Any system of economy where the government is in full control of all the factors of production is called a communist economy.
In this kind of system, there is a relative lack of incentive because, profit is also controlled by the government.
A common conception of capitalism is as an economic system where individual actors own and control property according to their interests and where supply and demand freely determine market prices in a way that can best benefit society.
The desire to make a profit is capitalism's fundamental characteristic.
It is important to know that each type of economic system has it's own merits and demerits.
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