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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

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Capitalism and Economic Freedom

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  1. Capitalism and Economic Freedom • Understand Characteristics of our Economy • Understand Driving Forces of our Economy • Understand Roles People Play in our Economy

  2. Characteristics of Free Enterprise Economy Economic Freedom Voluntary Exchange Private Property Rights Profit Motive Competition

  3. Economic Freedom • Given to people and businesses

  4. Voluntary Exchange • Buyers and sellers actively exchanging in the market on their own

  5. Private Property Rights • People may own and control their own possessions

  6. Profit Motive • Profit- Extent to which people are better off in the end • Profit Motive- Force that encourages people to make business ventures

  7. Competition • Struggle among sellers to attract customers while lowering costs • Ensures lower costs and better quality

  8. Entrepreneur’s Role • Organize FOP • Start businesses • Encourage competition

  9. Consumer’s Role • Decide products available • Consumer Sovereignty- Consumers rule the market

  10. Government’s Role • Protector • Provider and Consumer

  11. Government’s Role Cont. • Regulator • Promoter

  12. DO YOU KNOW?? • The characteristics of capitalism? • The driving forces of capitalism? • What roles we all play in capitalism?

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