-Laissez-Faire Capitalism: Government cannot tell businesses what to do
-Private Companies give profit to people who own stocks in the company and the private company owners. Private companies competitively run industries.
-Competition among private companies leads to a decrease in prices
*For example, McDonald's introduces a new type of fries and prices them at $4.00. Then, Burger King introduces the same type of fries and prices the fries at $3.95, thus people will buy their fries instead of McDonald's fries. In response, McDonald's will lower the price of their fries down to $3.90 and this trend will continue.
-Capitalism relates to Social Darwinism because only the stronger and more wealthy businesses will "survive" because they have the money to grow and expand, while the weaker businesses competing in a Capitalistic economy will be dominated by the larger, richer companies
-Socialism is the opposite of Capitalism where the government controls most of the economy. The profits made by companies do not help the company, but help society. In socialism everyone has access to basic raw materials needed to start a business.
Prateet Shah, Nick Silva, Nick Kerrigan