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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?