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Capitalism EQ: According to Adam Smith, how is the Profit Motive a key component of Capitalism? Four types of Economies Market Mixed Market Command Traditional For each type, think of one advantage and one disadvantage. What makes Capitalism Work? 1. 2. 3. 4. 5. 6. Markets Economic Freedom Private Property Rights Competition Profit Motive Voluntary Exchange History of Capitalism Adam Smith: In 1776, he wrote The Wealth of Nations, which outlined the capitalist system for the first time. Invisible Hand: Theory that stated producers and consumers are guided or motivated by something unseen……..Profit Motive. Laissez-Faire Economics: French term that means “to let alone.” Smith used this term to describe an economy in which the government was not involved and allowed producers and consumers to make their own choices. Your Activity Writing Assignment with 2 parts: Describe what you think our country would be like if there was no profit motive or private property and the government owned everything and gave us what it thought we needed free of charge. Consider the current debate over Healthcare. Some believe the government should take over and be in charge with very few or no private health providers. Others feel that this would eliminate choices and competition. What are the advantages of having choices and competition in a Capitalistic Economy?