Would you prefer to work hard for the stuff you want or not work so hard but have your basic needs provided? What is capitalism? Two other names for capitalism?

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Would you prefer to work hard for the stuff you want or not work so hard but have your basic needs provided? What is capitalism? Two other names for capitalism?

Economic system based on free markets, where supply and demand set prices for goods, labor and services Private citizens own factors of production Market system/free enterprise system

Today I will be able to analyze the four important characteristics of a capitalist economy by constructing a short response.

Choose your job Mind your own business Think, pair, share: What factors do you consider when looking at a career-type job?

Many opportunities to sell products

The right to control your possessions e.g. homes, cars, ideas, and abilities Gives incentive to work

The drive to improve your material well-being drives capitalism.

Free markets set prices for goods, services, labor, without interference from government

Prices are set without interference Low supply=high demand= higher prices High supply=low demand= lower prices

Resources necessary for a business to operate, including  Money  Knowledge  Property, buildings, machinery, etc.

People willing to work for market wage When is the market wage too low or too high?

Pages 33-41

What are the benefits of capitalism? What are the negative aspects of capitalism? Explain your response with plenty of facts and examples.