Lo1: Define Economic Liberalism
It is an economic system that is organized and created on individual lines, this means that if there is any economic decisions that are needed to be decided it will be done by individuals. Or maybe households by collective institutions or organizations, and has many different economic policies.
Lo2: Identify characteristics of "Capitalism"
Considered a "production for exchange", it is driven or desired for personal gathering of money, and is mediated by free markets. Those markets are driven by the wants and needs of consumers and a whole society in want.
Lo3: Compare capitalism to other economic systems (communism, socialism)
Capitalism is the only economic system that does not claim that the state in some form owns the people, all the other systems say that they own their people at least in some way. Some of the other systems can't be compared to Capitalism such as Statism, because since they assume that they own all of their people and their property, which means all of their money production.
It is an economic system that is organized and created on individual lines, this means that if there is any economic decisions that are needed to be decided it will be done by individuals. Or maybe households by collective institutions or organizations, and has many different economic policies.
Lo2: Identify characteristics of "Capitalism"
Considered a "production for exchange", it is driven or desired for personal gathering of money, and is mediated by free markets. Those markets are driven by the wants and needs of consumers and a whole society in want.
Lo3: Compare capitalism to other economic systems (communism, socialism)
Capitalism is the only economic system that does not claim that the state in some form owns the people, all the other systems say that they own their people at least in some way. Some of the other systems can't be compared to Capitalism such as Statism, because since they assume that they own all of their people and their property, which means all of their money production.
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