4 Principles of Capitalism
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- Private Property
- I just purchased this building. It is my private property now.
- Nice!
- Freedom of Choice
- I think that was a good choice. But, even if it isn't, you are responsible for those consequences.
- I chose to open my business up in downtown Chicago. Hopefully more customers will be attracted here!
- Come on in! We have the best prices in town.
- Competition
- Sounds good. I love low prices!
- No! Come to my business instead.
- The bearded man standing on the sidewalk is named John. John has purchased this building recently, making it his private property. With private property, people have the right to own, use, or distribute of things of value. Private property gives individuals an incentive to earn, invest, and accumulate wealth, which is beneficial to the economy because people can gain more money to spend and create more products. John plans to start a business out of this building.
- Competition
- I will put some items on sale. That will surely bring me more customers than him.
- So many customers! So much profit!
- Freedom of choice is the ability to make decisions and accept the consequences for those decisions. By John making the choice of opening a business in a city, he hopes for higher profit. Nobody forced him to open it in a city, so only he is responsible for the consequences of that decision. Freedom of choice is beneficial because it allows people to peruse things that best satisfy their preferences.
- Profit
- These 2 businesses are competing for the ladies business. Competition is the rivalry among businesses to sell which encourages improved products and practices and lower prices. Both businesses want to make money, but consumers only have so much they can spend. Competition is beneficial because it expands peoples choices when spending money.
- Profit
- How much for the red one?
- Due to competition, John has to come up with ideas for how to make more sales. He decided the best thing to do would be to have a sale in hopes that people will be attracted. This is also another example of freedom of choice.
- SALE!!!
- John's sale idea has worked. Customers are lined up outside his store waiting to get in. His sales are through the roof! He is starting to get profit, money left from sales after operating cost of business has been paid. He is currently crushing his competition. Profit is beneficital because it allows for more people to spend more money, helping the economy.
- Due to John having success at work, he has accumulated some wealth. He feels the best way to spend his profit would be on a new car. Having a car allows for easy transportation to and from work. This purchase is yet another example of John's freedom of choice.
- I'll take it!
- $7,597
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