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Question
Identify and describe the 4 basic rights that form the foundation of capitalism.
The four basic rights are the right to private property, the right to own and operate a business and earn a profit, the right to freedom of competition, and the right to freedom of choice.
The right to private property means that individuals can buy, sell, and use land, buildings, machinery, and other forms of property, and can pass on their property to their children.
The right to own a business and keep all of its profits means that in capitalism businesses are privately owned and operated to further the interests of the owner. People who start businesses thus have a strong incentive to work hard and produce goods and services that are in demand. This is a key element of the invisible hand principle described by Adam Smith.
The right to freedom of competition means that individuals are free to start businesses and compete with other businesses. This competition creates incentives for businesses to innovate, produce quality products, and charge fair prices.
The right to freedom of choice means that people are free to choose where they work, what career to pursue, where to live, and what to buy and sell.
Answer
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Related questions
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