LO1- define economic liberalism
LO2- identify characteristics of "capitalism"
LO3- compare capitalism to other economic systems
Thinking Historically- the wealth of nations 1776
CLASSWORK-
https://docs.google.com/document/d/1PtZ2DK4vlbgGyTl0dVXHHHp-yBgYiOmeQYgmcHR_wf8/edit?usp=sharing
Economic liberalism is a system that is organized on individual lines, meaning the greatest possible number of economic decisions are made by individuals or households than by collective institutions or organizations. Capitalism is "production for exchange" driven by the desire for personal wealth. Some of the characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets. Capitalism is a market-driven economy. Socialism is characterized by state ownership of businesses and services. Communism is based on principles meant to correct the problems caused by capitalism.
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