the trip2

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  • Place #4: Canada 
  • Private Property 
  • Coming Home
  • Thomas traveled up into Canada. He found out for thousands of years, Inuit parents have been teaching their children the survival skills that they need to survive in the severe climate of the Arctic Circle. The children are taught how to fish, hunt, and make traditional tools. Making it a traditional economy.
  • 4 principles of capitalism
  • I am going to set the prices so it will be more powerful.
  • Thomas made a friend up in Canada. They went over to his property. Thomas learned how it was Private Property. Private Property means its land not controlled or owned by the government. His friend George owned all of it.
  • 4 principles of capitalism
  • We do this to cut cost and avoid waste.
  • Even though Thomas loved all his new friends, Thomas went back to America. As he was returning and thinking about everything he learned about. He noticed America is a Mixed economy. The power go to both the people and the government.
  • 4 principles of capitalism
  • We will improve all living standards
  • Economic freedom helps political freedom. If governments own the means of production and set prices, it invariably leads to a powerful state and creates a large bureaucracy which may extend into other areas of life.
  • Efficiency. Firms in a capitalist based society face incentives to be efficient and produce goods which are in demand. These incentives create the pressures to cut costs and avoid waste. State owned firms often tend to be more inefficient
  • Economic growth. With firms and individuals facing incentives to be innovative and work hard, this creates a climate of innovation and economic expansion. This helps to increase real GDP and lead to improved living standards. This increased wealth enables a higher standard of living
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