United States Capitalism

Economic freedom

Economic freedom is the freedom to make our own economic decisions. In this situation, the man has to choose between multiple types of orange juice. It is his economic freedom to choose what type of juice he wants. It is also his economic freedom to decide what he does with the orange juice (as long as it is illegal).

Voluntary Exchange

Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions. The video above shows why we trade, and talks about voluntary exchange. When we trade things like food, we are both volunteering in an exchange, which is voluntary exchange.

Competition

Competition is the struggle between buyers and sellers to get the best products at the lowest prices. In this picture, we can see the logos of different brands and companies. These companies engage in competition by trying to use better materials and lower prices in order to get the attention of buyers.

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