economic system a system for the production and distribution of things we want i want to agree not to use say something about government to there has to be a legal basis for an economic system to operate what the good produce and it's not a system of government ownership let me tell you about something it shows that the basis of the capitalistic system is private property it happened one eleanor and i went down to get the things for the class we went to mr brown's store and that's what i mean mr brown really owns property store fixtures and the groceries in there well the whole store it's his property and he can do almost anything with it that he finds we needed we need mr brown on handling it's a simple as that you might argue about his prices anyway eleanor  but after all he has a right to earn something for the goods and services he supplies and he does supply services as well as good when we agree to buy everything from him when he's buns marshmallows and charcoal he agreed to give us extra service deliver everything in his truck and since we didn't have enough cars you agreed to make another trip and take a lot of the kids out to the picnic and he could help us that way because the truck is his private property and he can do just about anything w he's in business to make money there is the basis of the capitalistic system the profit motive may give service money to make a profit when i complain that his prices were too high need shippers distributors they're all in business to make profits of course they make a profit and it's a good thing that's the incentive that makes capitalism work to give us more of the things that we need freedom of contract you mr brown entered into a contract an agreement you agreed to buy what you needed from him even great unless you use the trap in the same way he got the lien by entering into a contract with a wholesaler and he caught the trust by entering into a contract with someone else under a capitalistic system you're free to make almost any kind of a contract with anyone  it means that you can go into business wherever and however you please anybody can go into any business any legal business but don't say you can't leave government out of the discussion government must  good afternoon this is really acting as moderator for the western high school radio for our topic today what is capitalism we hear capitalism capitalistic system and every hand on the representative citizens of our town who are asked for their opinions about our capitalistic system capitalism well why should there be any question about it has not given us the highest standard of living in the world i make a living i should worry all this competition we've heard so much about you call these prizes l well perhaps the regular i'm glad i can work for myself with capitalism you take your choice it seems that capitalism means different things to different people let's hear now from our town treasurer mr john howard we say we live in a capitalistic society what does that mean well we can point to certain fundamental idea is which we say are part of our capitalistic system for example private property individuals or corporations may own land natural resources buildings of all kinds of machinery and equipment for the production of goods facilities for the transportation of goods and the goods themselves in a capitalistic system these are usually private property another idea fundamental to capitalism is the profit motive it's for the sake of profit we cultivate the land we bailed great factories to produce good we sell for profit the goods produced we transport over large distances still for the sake of profit