Lauren Brockmiller BUS 101 1) Capitalism is a system based on private ownership of all companies. No government involvement, and the economy self regulates itself. 2) The US has a “Mixed” economy because the government does have a hand in our economy and how businesses are run. There are so many 3) Adam Smith is describing the way the market corrects itself. This “invisible hand” is controlled by self interest, supply and demand and competition. 4) A free market economy ensures the well-being of society because it ensures competition. Competition is necessary for a free market economy to function and is also the “self regulating” aspect of our economy. 5) In this quote, Friedman is saying that not just one individual can make the market place. It is voluntary, but competition is necessary for the free market to run. 6) Friedman argues against “social responsibilities” for businesses because he thinks they should be kept at a personal level. He claims that CEOs have only
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This note was uploaded on 08/29/2011 for the course BUS 101 taught by Professor Rollins during the Spring '08 term at Miami University.