Element Description:
Capitalism creates the environment in which people can start and grow new businesses, ideas, and products. Entrepreneurs – the people who create these products and ideas – drive this process.
In order for people to become entrepreneurs, they need skilled labor (people who are educated or trained) and access to money and an open market. People also need to have a government and culture that enables and supports risk-taking. Entrepreneurs must be able to expand into different markets, both domestically and internationally.
All of this helps new ideas and products develop, launch, and compete in the economy.
Vocabulary
Entrepreneur
Definition:
A person who starts and runs a business, often taking a risk to develop a new idea or product.
Open Market
Definition:
A market where people and businesses are generally free to buy, sell, and compete.
Domestically
Definition:
Within a person's or business's own country