Private Enterprise

Operating a roadside fruit stand

• limited government control
• the profit motive
• price directed system 
• private property 

An economic system individuals or businesses answers the three basic economic questions  

• socialist enterprise
• private enterprise
• communist enterprise 
• traditional enterprise

Private Enterprise is often called

• market economy
• market system
• none of the options
• both of the options

Anything of value that people own is 

• private property
• government property
• both of these options
• none of these options

The private enterprise system that exists in the United States is

• not pure private
• a mixed system
• none of the options
• all of thee options

The desire to make money (profit)

• Competition
• profit motive
• price direct
• government driven 

Price direct system 

• price determines what consumers buy
• which jobs they will take
• types of products that are produced 
• all of the options

Even though private enterprise offers a great many economic freedoms, it does not certain limits. 

• true
• false

Economic freedoms in private enterprise include the freedom to choose your economic goals and the type of work you do. 

• True
• False

Limits to economic freedom include 

• competition among buyers
• personal choices
• certain laws and taxes
• all of the options