The discussion of the business enterprise system in the Business and Society class today became interesting when Roberto took the position that the Canadian government should apply a ______ model whereby economic decision making is left to those individuals or enterprises who own the means of production and the government has only the most minimal, strictly limited role. Multiple Choice responsible enterprise laissez-faire capitalism free enterprise capitalism stakeholder capitalism
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Crystal W.
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.
Economic Systems: Communism & Capitalism This activity is important because an economic system describes how a particular society distributes its resources to produce goods and services. A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with a limited supply of resources. Different economic systems attempt to resolve this central issue in numerous ways. The goal of this exercise is to demonstrate your understanding between the fundamental differences between communism and capitalism, two of the basic economic systems found in the world today, and how they address the distribution of resources. Roll over each term on the left and read each statement describing capitalism, communism, and the aspects of an economic system. Move each box to the correct place in the chart on the right. Constant sales Expensive gas Abundant selection Government collected Market influence Limited choice Charity donation Jack's Wheels State Bread Co. Gas prices skyrocket Reset Communism Capitalism Business ownership Competition Profits Product availability Price
Jennifer S.
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