How Has The Constitution Shaped The Economic System

How has the Constitution shaped the economic system in the United States? The Unites States Constitution was created in 1787, and is the supreme law of this nation. It is the backbone on which laws to follow and how we live today. There are six characteristics of a market economy. Which as follows; Private property, Freedom of enterprise and choice, Motive of self-interest, competition, markets and prices and limited role of government. One of the first economic concepts is â€Å"Freedom of Enterprise and Choice†. Which is stating that Americans can choose how they want to use their own resources to create products and sell their products. It also states that workers are free to have a job they are qualified for, as well as buyers having the right the purchase any product of their choice. Today, this right is still protected under the US Constitution excluding any laws that deter businesses from doing any harm to the public with the use of their products. Another economic concept is â€Å"Private Property†. Private Property is the right of private persons and firms to own property, land and resources. This allows businesses to own land and build what they want to build in order to successfully thrive in their work. Most of the country is privately owned by businesses, not the government. The government does have some power though, for example, a company may have to follow certain laws from OSHA, and can be shut down for disobeying laws. What this concept simply says is that anyoneShow MoreRelatedAsfasf754 Words   |  4 Pages a. Explain how patterns of exchange, markets, and private enterprise have developed, and analyze ways that governments have responded to economic issues. b. Analyze how technological innovation has affected economic development and society. c. Explain how interpretations of the Constitution and debates over rights, liberties, and definitions of citizenship have affected American values, politics, and society. d. 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