1.) a. Profit Motive encourages people and organizations to improve their material well-being.
b. Voluntary Exchange allows people to decide what and when they want to buy or sell at particular times or at specific prices.
c. Private property rights is the concept that people have the right and privilege to control their possessions as they wish.
d. Competition is the rivalry among sellers to attract consumers with the choice of a larger variety of goods at reasonable prices.
2.) The Bill of rights to the US Constitution guarantees certain individual freedoms such as freedom of speech and rights to engage in business activites.
3.) Three benefits of the free enterprise system are open opportunity, legal equality and private property rights.
4.) No control over businesses.
5.) The money a consumer puts into the market goes to the economy to be used again.
6.) The US Constitution gives us the right to private property so business owners can control what they do with their own property. Everyone has the same legal rights and so everyone is allowed to compete in the economic marketplace.
b. Voluntary Exchange allows people to decide what and when they want to buy or sell at particular times or at specific prices.
c. Private property rights is the concept that people have the right and privilege to control their possessions as they wish.
d. Competition is the rivalry among sellers to attract consumers with the choice of a larger variety of goods at reasonable prices.
2.) The Bill of rights to the US Constitution guarantees certain individual freedoms such as freedom of speech and rights to engage in business activites.
3.) Three benefits of the free enterprise system are open opportunity, legal equality and private property rights.
4.) No control over businesses.
5.) The money a consumer puts into the market goes to the economy to be used again.
6.) The US Constitution gives us the right to private property so business owners can control what they do with their own property. Everyone has the same legal rights and so everyone is allowed to compete in the economic marketplace.