What is Economic Liberalism?

Lo1: Define Economic Liberalism

 Lo2: Characteristics of "capitalism"

 Lo3: Compare capitalism to other economic systems (communism, socialism)

Economic liberalism is an economic system organized on individual lines, which means that the greatest number of economic decisions are made by individuals or households rather than by collective institutions or organizations. Some of capitalism's characteristics are capital accumulation, commodity production, private ownerships of the means of production, high levels of wage labour, the investment of money to make a profit, the use of price mechanism to allocate resources of competing uses, and freedom of capitalists to act in their self-interest in managing their business and investments.

Two different types of economic systems are communism and socialism. Socialism takes more money from their community's income but they have things such as free college and health care. They want to have necessities like those more accesible because they are taking more money from their people. Communism divides the wealth among the citizens equally or according to the needs of each individual.




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