In this type of economy, the people of the country have barely any freedom of choice and the government owns and controls resources.
I'll let you choose where you work, but we get to decide on resource allocation of scarcities.
In this type of economy, the resources are owned and controlled by the people of the country.
4 Principles of Capitalism
This type of economy is usually used in underdeveloped countries where resources are made the way they always have been.
Why the 4 Principles of Capitalism are Beneficial to an Economy
This is the house I bought with the money I have made owning my own business. My friends own a business that make the same products as mine and it's really fun competing with them!
In this type of economy, people are able to start their own business, but the means of production are shared between the private and public sectors
In this type of economy, people are allowed the rights to profit, freedom of choice, competition, and private property.
We will allow the people of this country to freedom of choice, private property, competition, and profit.
The four principles of Capitalism allow people to work where they want, live where they want, make as much money as they can, and to make most products that they want. This is necessary to an economy because it allows the people of the country to be happy.