PHIL 2135 Lecture Notes - Lecture 2: Corporate Welfare, Invisible Hand
Document Summary
Capitalism can be de ned by: an economic system in which, the major portion of production and distribution is in private hands, operating under, what is termed a pro t or market system. Provide a product or service that people want, at a price they"re willing to pay. Set up by more than one person for some kind of economic interchange. Companies set up for carrying out activities of an economic nature that takes place in relation to the company. Pro t motive is the engine that drives the system. Occurs when there is more than one entity. Competition tends to: keeps prices down, raise quality. As price goes down, people will buy more of whatever you"re selling. Private property is better attended to some person"s life is devoted to taking care of that if you have private property, you have an interest in retaining that property. You can"t steal anything from your neighbor this notion requires private property.
