Economics Capitalism

The legal right to own and control your possessions or skills

• Private Property Rights

• Economic Freedom

• Competition

• Profit Motive

Gives people to ability to make economic decisions for themselves

• Economic Freedom

• Consumer Sovereignty

• Capitalism

• Police and Fire Protection

Condition in market system where many rival sellers seek to provide goods and services to many buyers

• competition

• profit motive

• Capitialism

• Entrepreneur

The force that encourages people and organizations to improve their material well-being

• Profit Motive

• Consumer Sovereignty

• Provider and Consumer

• Involuntary Exchange

The power of consumers to decide what gets produced

• Consumer Sovereignty

• Capitalism

• Profit Motive

• Economic Freedom

Economic System where individuals get to own the factors of production

• Socialism

• Capitalism

• Involuntary Exchange

• Protector

The act of buyers and sellers freely and willingly engaging in market transactions

• Voluntary exchange

• Capitalism

• Involuntary exchange

• Communist

Market transactions imposed on the economy by laws and regulations

• Involuntary Exchange

• Voluntary Exchange

• Profit motive

• Economic Freedom

Some of their jobs include: creating products, managing resources and creating jobs

• Entrepreneur

• Consumer

• Channing Tatum

• Profit Motive

An example of something the government provides the citizens through taxes

• Police and fire protection

• National Football League

• Walmart

• Tesla