LO1: Define Economic Liberalism
LO2: Identify characteristics of "Capitalism"
LO3: Compare capitalism to other economic systems- (communism, socialism)
*Thinking Historically:The Wealth of Nations- 1776
Economic Liberalism is an economic system organized on individual lines, which means the greatest possible number of economic decisions are made by individuals or households then by collective institutions or organizations.
Characteristics of capitalism are capital accumulation, commodity production, private ownership of the means of production, high levels of wage labour, investment of money to create a profit, use of price mechanism to allocate resources of competing uses.
Capitalism allows for private owners and buisnesses to regulate themselves so they keep their own profit. But communism regulates everything like how much each person is paid. Socialism has some regulations but production and distribution is ran by the community.
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