What is Economic Liberalism?
L01: define economic liberalism
an economic system organized on individual lines, which means the greatest possible number of economic decisions are made by individuals or households than by collective institutions or organizations
L02: identify characteristics of "capitalism"
Some of capitalism's characteristics are capital accumulation commodity production, private ownerships. of the means of production, high leveles of wage labour, the investment money to make a profit, the use of price mechanism to allocate resources of competing uses, and freedom of capitalists to act in their self interest in managing their businesses and investments.
L03: compare capitalism to other economic systems- communism, socialism
Socialism takes more money from their communities income, but they have things such as free college and free healthcare. They want to have necessities like those more accessible to beccUSE they are taking more money from their people. Communism divides the wealth among the citizens equally according to the needs of each individual.
Thinking historically: The wealth of nations
L01: define economic liberalism
an economic system organized on individual lines, which means the greatest possible number of economic decisions are made by individuals or households than by collective institutions or organizations
L02: identify characteristics of "capitalism"
Some of capitalism's characteristics are capital accumulation commodity production, private ownerships. of the means of production, high leveles of wage labour, the investment money to make a profit, the use of price mechanism to allocate resources of competing uses, and freedom of capitalists to act in their self interest in managing their businesses and investments.
L03: compare capitalism to other economic systems- communism, socialism
Socialism takes more money from their communities income, but they have things such as free college and free healthcare. They want to have necessities like those more accessible to beccUSE they are taking more money from their people. Communism divides the wealth among the citizens equally according to the needs of each individual.
Thinking historically: The wealth of nations
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