A person would support capitalism because it gives them the freedom to choose an economic activity that they would like to do. Capitalism ensures that entrepreneurs have the freedom to do anything that they want to raise their living standards. People are given an option of enriching themselves by developing profitable goods and services. Human beings strive to improve their lives therefore, they will invest in new ventures which may dominate the market in future. This leads to the creation of new and better products that will fulfill the constant needs of people as entrepreneurs seek to develop commodities that can earn them more profits. Entrepreneurs are encouraged to invest more money as capitalism provides them with incentives hence making them rich and enjoy higher standards of living.
Customers advocate for capitalism because it grants them the power to choose on the best commodity that is offered at a lower price. With many entrepreneurs venturing into business, you will have a variety of commodities to choose from. This controls the fluctuation of prices making them standard for the consumer to afford. Businesses can only have you as their loyal customer when they give you what you need at a lower price.
Consumers are protected from misleading, low-quality products and the price of a commodity spikes, you will have an alternative that can meet the same high standards. You are not forced to buy products that are available but rather buy goods that meet your criteria. This improves the quality of goods as companies would want to have loyal consumers and irrespective of what your demands are, you will always have a product to fulfill them.
The demand of a product is the determining factor on how much the product will be sold. This means that a consumer will control the price of a commodity given that they have the power to use it or not. Governments have authority to determine the prices of goods but are rather determined by people’s needs. When consumers decide to change their preferences, companies are forced to oblige by the new consumer trends. Organizations are not rewarded for producing products that customers do not want but rather look at the market trends before starting production.
It is efficient for producers as capitalism focuses on products that are produced depending on the demand that exists for the item. Companies would not waste more of their resources to research on what customers need but rather spend on production. The money and time that would be used to study the market trends is cut off as producers already know what the consumers want. Producers will find ways to cut their expenditure so that the cost of their product is favorable to consumers.
Capitalism encourages people to work together and be productive without any barriers between them. Irrespective of where a person comes from, the focus is on how productive they can be. Unity is encouraged whereby people trade with each other leading to cohesion and better relationships. Capitalism breaks down barriers like tribalism because when you have the skills that are needed, people only focus on what you produce and making profits rather than who you are.