Characteristics of free enterprise

Free enterprise system is also called

• Free Market Economy

• Free Life Economy

• Free Money Economy

• Free Business Economy

This economic system is based on competition, profits, and self-interest.

• Socialism

• Communism

• Capitalism

• Command economy

Capitalism is based on the _______ ownership of wealth.

• private

• public

The Free Enterprise System:

Also known as “ Capitalism and “ Market Economy “

• True

• False

What type of economic system did Adam Smith support?

• a free market system

• mixed economic system

• planned economic system

. 

Producers (business) are free to sell their products at what ever price they wish, and Consumers (customers) are free to refuse to buy. This is part of which Characteristic of Free Enterprise?

• Economic Freedom

• Voluntary Exchange

• Private Property

• Profit Motive

Workers can choose any job they want when they start their careers. What Characteristic of Free Enterprise is being described?

• Economic Freedom

• Voluntary Exchange

• Private Property

• Profit Motive

 

Individuals can own land, personal property, business property, and money. They can do what ever they'd like with said property. What Characteristic is being described?

• Economic Freedom

• Voluntary Exchange

• Private Property

• Profit Motive

 

What characteristic is being described? Individuals can act in their own self interest. Businesses can charge the highest price they can, and consumers can shop around to find the lowest price. Workers are also free to ask for higher wages and better working conditions.

• Economic Freedom

• Voluntary Exchange

• Private Property

• Profit Motive

What are the benefits of competition?

• New Ideas

• Improve product Quality

• Cheaper Products

• All of the above