I tried explaining the merits of capitalism and freedom to my daughter last night (she’s 8). You really have to put it in simple terms that they can relate to, but they can get it.
My 1.5 year old is learning already. She won’t give anything up unless you give her something in return. “Good trade” is the phrase I use most with her.
Remember that joke going around the Internet that had a father explaining to a liberal, college-aged daughter how socialism worked - give some of her grade to her slug of a friend or roommate so that they could all be “equal.” When the daughter protested, the father replied, “Welcome to capitalism” or something similar.