Could you explain the differences between capitalism and communism, and the upsides and downsides of each?
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. The upsides include increased competitiveness of the economy, propensity for innovation and freedom of choice. The downsides include wealth inequality, negative externalities (costs paid for by society, not the producer), incentives to corrupt.

Communism is a sociopolitical ideology based on common ownership of means of production and equal distribution of produce and profits. The upsides include equal distribution of wealth and resources, almost universal employment, focus on meeting the needs of everyone, rather than only the successful. The downsides include: decreased effectives of the economy due to economic calculation problem, lack of individual freedom and liberties, reduces motivation to work hard.
Can you explain that to me as if I were a very young child?