Notes and vocab for Chapter 2 - Economic Systems and the American Economy
Terms in this set (57)
-One of the most important characteristics of capitalism is the existence of private property
-Property that is held by individuals or groups rather than by the federal, state, or local governments
-You as an individual are free to
buy whatever you can afford, whether it is land, a business, an automobile, or baseball a cards
-You can also control how, when, and by whom your property is used
-What are called the rights of property, however, are actually the rights of humans to risk investment, own productive assets, learn new ways of producing, and then to enjoy the benefits if these choices result in profits
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