Free Enterprise

What is a free enterprise system? 

• Economic system with little to no government involvement

• Economic systemin which the government makes all of the choices for the people.

The pillar of private enterprise means that the government controls the decisions businesses make.

• True

• False

Tags

CCSS.RI.6.2

CCSS.RL.5.1

CCSS.RL.6.1

CCSS.RL.6.2

CCSS.RL.7.2

Which concept is described: More than one company performing a similar service or selling similar goods.

• Comparison

• Mercantilism

• Competition

In a free enterprise economy, individuals are allowed to own private property such as homes.

• True

• False

Tags

CCSS.RI.5.2

CCSS.RI.6.2

CCSS.RL.5.1

CCSS.RL.6.1

CCSS.RL.6.2

What is customer sovereignty?

• the customers own the businesses

• the customers have the power in the economy

Why does the government enforce laws related to the economy?

• to make sure businesses run fairly and safely.

• to make sure businesses pay everyone equally, regardless of education.

Tags

CCSS.RI.6.2

CCSS.RL.5.1

CCSS.RL.6.1

CCSS.RL.6.2

CCSS.RL.7.1

What is one reason for stopping a company from becoming a monopoly?

• Preventing high prices because there is no competition

• Encouraging innovation through competition

• Both of the answers above

Tags

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5