1. Define Economic Liberalism
2. Identify characteristics of capitalism
3. Compare capitalism to other economic systems - (Communism, Socialism)
*Thinking Historically: The Wealth of Nations
Economic Liberalism(also known as capitalism) is an economic system where the people get to make decisions on what to do with their money rather than the government telling them what to do. Characteristics of capitalism include: competitive markets, wage labor, private property, and capital accumulation. Capitalism is different from Communism and Socialism because Communism is where you don't have a choice of what to do with your money because there government decides. Socialism is also different because you have to pay more to the government in exchange for things like free healthcare or college. Capitalism allows the individual to accumulate capital and increase the size of the economy.
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