What Is Meant by Capitalism

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1. What is meant by Capitalism? Capitalism is an economic system where things (property for example) are owned by people or individual not by the government or communities. People have to work for money so they can buy things they need or want, such as food. Capitalism mostly has free market economy, which means that people buy and sell things by their own judgment. 2. What do property rights mean? Property rights are particular constructs in economics for determining how a resource is used and owned. Resources can be owned by individuals, government or associations. Property rights can be viewed as an attribute of an economic good. There are four main components of property rights: - The right to use the good - The right to ear income from the good - The right to transfer the good to others - The right to enforcement of property rights It is simply when someone has an authority over something, to buy, sell, trade, give away, destroy, fix. Etc. 3. History of property rights: Property is rooted in the grand story of the Bible. It was given by God at creation, as a means by which we exercise our call to stewardship and dominion as we fill the earth and develop it. As Westerners, we benefit from four thousand years of laws, customs, and thinking about the concept of property. Drawing on ideas derived in part from Christian theology, the Western world slowly developed a highly sophisticated system of property law and titling that, without intention, resulted in a system that protects property

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