freeman vs. friedman 10'25'11

freeman vs. friedman 10'25'11 - David Coffman Bus 101...

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Unformatted text preview: David Coffman Bus 101 Section HB Freeman and Friedman Capitalism is economic freedom for private citizens who own the means of production and pursuit their financial goals without any government interference . The U .S economy might be considered a mixed economy because they dont practice true capitalism . There are many aspects of the economy that are like capitalism, but because there is government interaction with the economy, it cant be considered true capitalism . Therefore the economy is sometimes referred to as being mixed . What Adam Smith meant by the invisible hand was the nature in which the market was self-regulated . His theory described how the society has needs, needs for clothes, food, and other such things . Businesses will tailor to these needs, which in turn would create competition and fair prices for the consumer . Businesses that werent good at seeing the needs of society, werent going to sell enough product to continue on, thus creating a self-regulating system...
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freeman vs. friedman 10'25'11 - David Coffman Bus 101...

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