Can everyone help me correct this essay or comment on what changes I should make? Leslye Mancilla
Mr. Campbell
Economics
Period 5
11 November 2020
FRQ#1
The capitalistic economic system is dependent upon five main elements, we know that they are private property, self-interest, political freedom, profit motive, and competition. Even though they are the five main elements, I think the most important elements are, private property, pure capitalism, and self-interest. They are significant in the economy because they are three of the elements that are upon the capitalistic economic system. What role do the three elements play in the economy today? We know they are significant in society and this is why.
Private property is important today in the economy because not only does it have a part in capitalism, but serves a service to consumers. It allows us to have authority and rights, which is important in markets today. We are allowed to have copyrights, such as being the owner of a property. As well as providing an incentive for economic growth or imagine, even if you can’t own something! Today in society, being able to own something helps motivate me to work hard and I’m sure it motivates others. In a society with capitalism, everyone contributes because they know it will benefit them like having titles to own things.
Another element that I think is important in capitalism is pure capitalism. Pure capitalism is also an important element in the market economy and has its purpose in today’s economy. The significance of pure capitalism is competition, capitalism, private property, wage labor, and a price system. With pure capitalism upon market conditions, producers can enter or leave the industry easily. Without pure capitalism, the market would be inefficient.
To continue the last element that I thought was significant within the economy is self-interest. Self-interest is important today because it helps maintain competition in the economy. Which will result in improving social goods in capitalism. Which is the reason self-interest is significant in the economic system and benefits. Self-interest helps achieve society's economic goals. As a consumer, the freedom to act or the ability in having self-interest is significant and even helps markets produce the desired goods at the lowest cost.
By saying I think private property, pure capitalism, and self-interest are three of the most important elements in the capitalist economic system. They are significant in today’s market, are keys to a competitive, beneficial, and functional economic system. They are factors in obtaining the function of the system, but help government economic goals.