Where citizens own the factors of production.

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​People can choose how to use the factors of production.

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Includes land, automobiles, possessions and education.

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What is capitalism?

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Free to own a business, choose a job, or buy the product of your choice.

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​Business are allowed to compete with a minimum of government rules.

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What is Free-Enterprise (Economic Freedom)?

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1. Economic Freedom

2. ​Voluntary Exchange

3. ​Private Property Rights

4. ​The Profit Motive

5. Competition​

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What makes Capitalism work?

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Sales taking place freely between buyers and sellers.

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Any purchase you make in America is voluntarily exchanged.

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Opposite would be command economy where some items are given.​

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Voluntary Exchange

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​​People can own and control their possessions and skills/abilities

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Opposite in a command economy all is owned by the government.​

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Private Property Rights

Encouraging people to improve their  material well-being.

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​Generally measured in money.

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​It's the opposite in a command economy where profit is not allowed.

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Profit Motive

How sellers attract consumers to their market.

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​The factors mainly seen are cost vs. quality.

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​Opposite in a command economy all is owned by the government.

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Competition

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