Capitalism is an economic system that privately owns and controls its capital goods, and production of goods and services for personal profit and without government involvement. Capital goods are those tangible items that are used to produce goods or services, such as machinery or office buildings. Ideal Capitalism has four components, first that there is private ownership of the means of production, second that there is a pursuit of profit for the owner, third is competition, and fourth is that there is a lack of government involvement in the production or distribution of the goods or services (Kendall, 2015).
One of the main principles of capitalism is the pursuit of personal profit. It is believed that the entire society will benefit from the pursuit of prosperity. The effects from such an economy will ripple out to many in the forms of employment opportunities, increased spending by those employed at better jobs, or even a better tax base from which to build infrastructures for the community (and thereby creating more jobs). People will be free from ...
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...als. United States is considered a mixed economy.
It is difficult for any economy to maintain a pure capitalism or socialism economy. A mixed economy can tend to offer the best of both worlds. The mixed economy is able to utilize the most favorable aspects from each of the other economies, for the specific geographic location. There is no set of specific rules for a mixed economy. The features of a mixed economy can change according to the needs of the citizens, changes in resources, or even changes in a world market. What may seem like a bad idea for an individual, may be a great idea for society. Changes in the environment, natural resources, and the world market present challenges as well. The success or failure of an economy depends on the management of it. When reviewing the pros and cons of these economies they are not black and white, they are gray.
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