Answer(s)
• Capitalism
• Free market economy
• Capitalism
• Free market economy
An economic system based on private ownership, competition, and profit.
An economy where businesses operate with little government control.
When individuals or companies, not the government, own property and businesses.
When multiple businesses try to attract customers, often leading to better products and prices.
The desire to make money that drives business decisions.
The ability to make your own choices.
DOUGLAS GINSBURG, Federal Judge, U.S. Court of Appeals, D.C. Circuit:
We have a free-market economic system – also known as capitalism. And capitalism is based on a few simple ideas: Private ownership. Competition. And the profit motive.
Above all, capitalism is the only economic system tried so far that’s consistent with freedom: Life, Liberty, and the pursuit of Happiness – or what we Americans call natural rights. Capitalism allows you to pursue the career of your choice. You may not succeed, but you do get to try.
Take a family-owned restaurant or a food truck. The owners choose the menu, make the food, and set the prices. If the food is good and the prices are reasonable, the family makes a profit. Steep prices or poor food – or both – and customers take their business elsewhere.
Because consumers are free to leave, a free market pretty much regulates itself. Capitalism respects your free will. No matter how big a company: a Facebook, an Amazon, a Google. They can’t make you buy their services or products. In a capitalist system, you make the choice.
