Three economic systems exist in the known world. An economic system is the social institution through which goods and services are produced, distributed, and consumed. Capitalism, the economic system executed by the United States, places the means of production into private hands. The defining incentive for economic activity in capitalism is the pursuit of maximum profit, and private companies determine the price(s) of their goods/services. The goods and/or services attainable by an individual relies on his/her income. In other words, if one does not have the money to buy something one wants or needs, one cannot obtain it. The more an individual can pay, the better the quality of the good or service. In capitalism, the saying, “you get what you pay for” holds its greatest truth. The pursuit of profit being the only interest of our economy creates a world of problems which Karl Marx was first to publicly acknowledge. Exploitation, getting more from the labor than what is paid for, is the
Three economic systems exist in the known world. An economic system is the social institution through which goods and services are produced, distributed, and consumed. Capitalism, the economic system executed by the United States, places the means of production into private hands. The defining incentive for economic activity in capitalism is the pursuit of maximum profit, and private companies determine the price(s) of their goods/services. The goods and/or services attainable by an individual relies on his/her income. In other words, if one does not have the money to buy something one wants or needs, one cannot obtain it. The more an individual can pay, the better the quality of the good or service. In capitalism, the saying, “you get what you pay for” holds its greatest truth. The pursuit of profit being the only interest of our economy creates a world of problems which Karl Marx was first to publicly acknowledge. Exploitation, getting more from the labor than what is paid for, is the