Download Capitalism and Economic Freedom

Capitalism and
Economic Freedom
Understand Characteristics of our Economy
Understand Driving Forces of our Economy
Understand Roles People Play in our Economy
Characteristics of
Free Enterprise
Economy
Economic Freedom
Voluntary Exchange
Private Property Rights
Profit Motive
Competition
Economic
Freedom
 Given
to people and
businesses
Voluntary
Exchange

Buyers and sellers actively
exchanging in the market on
their own
Private Property
Rights
 People
may own and
control their own
possessions
Profit Motive
 Profit-
Extent to which
people are better off in
the end
 Profit Motive- Force that
encourages people to
make business ventures
Competition
 Struggle
among sellers to
attract customers while
lowering costs
 Ensures lower costs and
better quality
Entrepreneur’s
Role
 Organize
FOP
 Start businesses
 Encourage competition
Consumer’s
Role
 Decide
products
available
 Consumer SovereigntyConsumers rule the
market
Government’s
Role
 Protector
 Provider
and
Consumer
Government’s
Role Cont.
 Regulator
 Promoter
DO YOU KNOW??

The characteristics of
capitalism?

The driving forces of capitalism?

What roles we all play in
capitalism?