The Economic System Of Capitalism Essay
As American’s we often take for granted many of the liberties and freedoms that are part of our daily lives. We have the opportunity to own property, work at a career we love, afford luxury items such as expensive cars and home theater systems. In American, we see these items as rights and entitles. However, these are liberties that are afforded to us because of the economic system of capitalism.
A capitalist economy is an economy that is mostly made up free markets and can for the most part function without the assistance of the government (Dictionary.com, 2015). There are certainly benefits to this type of economy. For example, Businesses create products and provides services that consumers wants. Some characteristcs include:
• Not being controlled, planned or regulated by the government,
• Income is received in monetary form through the sale of services products
• Profits of private enterprise
• Competition is the most important feature of the capitalist economy.
Additionally, a capitalist economy allows business and individuals to develop systems of what to produce and how to produce it as well as, who will be receiving the products and services that have been created. People in this type of economy also have the right to develop their entrepreneurial skills. They are not required or force to work in a career that does not suit them. Shows like Shark Tank, which allows inventors, small business, and entrepreneurs the opportunity to…