United States Economy
Traits of Capitalism
Market - places where the prices of goods and services are determined. Connect the different sectors of the economy, (locally, regionally, or nationally.)
The image above of a mall, illustrates a common market places where people come to trade goods and services for money.
Economic freedom - the right to make our own economic decisions. (What type of occupation or job you want, when and where you want to work)
Having economic freedom gives you a right to choose what type of products you want to buy. The example above shows different shoes that you can purchase. Uggs, combat boots, Converse, or printed sneakers?
Private Property - the right to use and own property the way we choose, as long as it does not interfere with other's rights
This photo showcases a DIY (Do It Yourself) where you can take materials found in your own home and recreate it into something new. This shows how you have control over how you want to use your own property, and can even create something fun with it!
Voluntary exchange - Producers and consumers willingly engaging in market transactions
This photo shows voluntary exchange because they are voluntarily shopping for products which stores are willing to sell them.
Profit motive - the driving force behind us that encourages us to improve our economic well-being
The display above shows how the sales of Apple products have grown as time has gone by. Their profit motive is the money they are making off of these electronics which encourages them to continue producing and releasing new ones.
Competition - sellers compete to produce the best products at the lowest prices
The two famous coffee shops are competing to see which one can make the best coffee with the best prices.