00:01
We've discussed various terms in this chapter, so let's go over how some of them are related to each other.
00:09
First of all, let's start with private property rights and how this is related to the market.
00:40
So what are our private property rights? it is, as the name suggests, the rights of individuals and groups to own property.
01:17
Meanwhile, the market is in any place or situation where people buy or sell resources or goods and services.
02:01
And so how are these related? there are both features of a market economy, guided by self -interest.
02:30
Let's move on to a different set of terms.
02:34
We have capitalism and laissez -faire.
02:48
Before we see how they're related, let's start by defining them.
03:06
What is capitalism? it's an economic system that is based on private ownership of the factors of production, which are, as we know, capital, labor, land, and entrepreneurship.
03:56
So private individuals and industry is taking control over basic resources in that case.
04:03
And it's based on the principle of laissez -faire, which says that the government should not interfere in the marketplace.
04:40
So capitalism is based on the laissez -faire principle.
05:11
And finally, let's look at the last set of terms.
05:18
Last two sets of terms...