All EXCEPT which of the following are components of capitalism and the free enterprise system? Economic competition Private property Redistribution of wealth The value of hard work
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Step 1: Capitalism and free enterprise systems are based on individual ownership and control of resources, with minimal government intervention. Show more…
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Guided Reading Activity: The American Free Enterprise System Lesson 1: American Free Enterprise Capitalism Review Questions A. Characteristics of Free Enterprise Capitalism Main Idea: The five characteristics of free enterprise capitalism are economic freedom, voluntary exchange, private property, the profit motive, and competition. 1. An economy based on free enterprise has both __________ and __________ __________ 2. Economic freedom grants the ability to __________ the things you want and __________ where and for whom you want. Businesses can __________ the workers they want and are free to __________ success or failure. 3. In a __________ exchange, buyers acquire items they believe are worth __________ than the money charged, while __________ believe the item sold is worth __________ than the cash paid. Both parties believe they __________ from the transaction. 4. In a capitalistic system, people can do whatever they choose to their property due to __________ __________ Additionally, they have the opportunity to __________ and __________ based on the value of their property. 5. The __________ __________ drives producers to improve their __________ well- being. Because of this, the lure of __________ guarantees a constant supply of goods and services from all kind of producers. 6. Capitalism helps ensure __________ resources are used efficiently by promoting __________ among producers.
Supreeta N.
how does capitalism promote economic freedom
James K.
Check each of the following that are true. Property rights are more commonly promoted in socialistic economies Political turmoil and the threat of civil unrest greatly diminishes a country’s chance to prosper Economist David Ricardo described a process whereby innovation rendered older technology obsolete as “creative destruction” Property rights, the rights to keep the fruit of your effort and labor, are vital to prosperity
Jennifer S.
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