One of the primary ideals of capitalism in the United states is Private ownership
<h3>What is Capitalism ?</h3>
Capitalism refers to an economic and political system in which a country's trade and industry are firmly controlled by private owners for profit, rather than by the state.
The ideals of Capitalism is anchored in private ownership and hence, the factors of production are controlled by the private sector.
One major characteristic of Capitalism is that the private sector controls the factors of production for the sole aim of making profit.
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In a situation like this, I would use the MYP design cycle which means Middle Year Programme design cycle.
Here, I will follow the four manor design cycle, which are:
- Inquiring and Analyzing: here, I would ask questions from the people especially the students who tend to us backpack often, and ask about what they would like to change in the backpack to be more comfortable, Then I would analyze their responses.
- Developing Ideas: I would follow up by gathering the resources needed for this business idea. This includes financial, machinery, and human resources.
- Creating a Solution: at this stage, I would go into production, albeit at a test stage which means the production quantity would be smaller.
- Evaluating: at this stage, I would evaluate the sales and customers' responses towards the production of the new backpack.
Hence, in this case, it can be concluded that one can use an MYP design cycle to turn an idea into a practical solution.
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