Definition: Capitalism – the freedom of economic and political systems where citizens are able to freely own businesses, trade and sell. All profits are controlled by private owners rather than the state.
1. The right to own private property: People are allowed to buy sell and use land, buildings, machinery, inventions, and other forms of property. People can also pass property to their children.
2. The right to own a business and keep all that business’s profit: (profit = revenue – expenses) Profit is an important incentive for business owners.
3. The right to freedom of competition: This allows multiple businesses of the same type able to function.
4. The right to freedom of choice: People are free to choose where they want to work and what career they want to follow