Free Enterprise

Front

In capitalism, who primarily owns the resources and means of production?

Back

Private individuals

Front

What is meant by 'Consumer Sovereignty' in a free market?

Back

Consumers dictate what goods are produced.

Front

How are prices determined in a capitalist economy?

Back

Through competition

Front

What is the primary goal of businesses in a capitalist economy?

Back

To maximize profits

Front

Which of the following best describes 'Free Enterprise'? Options: Government-controlled businesses, State-owned enterprises, Community-run businesses

Back

Businesses operating with minimal government interference

Front

What does consumer sovereignty mean in a capitalist economy?

Back

Consumers dictate what is produced.

Front

What does consumer sovereignty mean in a capitalist economy?

Back

Consumers dictate what is produced

Front

What is the main goal of a profit motive?

Back

To earn money

Front

What is a key characteristic of a private enterprise?

Back

Individual or corporate ownership

Front

What does the character in the image suggest about the price of socks?

Back

They should cost more than $1