Element Description:
Capitalism works best when workers can change jobs and companies can hire the workers they need. Laws should protect people from forced labor, unfair working conditions, and discrimination so everyone has a fair chance to compete for jobs. At the same time, companies should be able to fire workers when their needs change, and workers should be able to leave their jobs for better opportunities.
In general, the government does not decide who companies can hire or how much they must pay workers. Instead, the government creates rules to make sure people have a fair chance in the workplace. Hiring, firing, and pay are then largely determined by the market.
Vocabulary
Supply and Demand
Definition:
The amount of a good or service available and the amount people want to buy, which together help determine its price.
Labor
Definition:
The work people do in exchange for payment
Wages
Definition:
The money that employees earn for the work they do.