Benefits
Give an example of a benefit of free enterprise
Better products, more innovation, customers can choose, supply and demand=fairer prices
What was the name of the economy the original 13 colonies had under Great Britain?
Mercantilist
Explain how businesses compete with each other and the effect on products.
Businesses compete with each other for more consumers to buy their product, which leads to more innovative products and better products.
What is another name for free enterprise?
Capitalism
Explain a cause of free enterprise
Mercantilist British economy for the original 13 colonies, people need more $ to start businesses
How does free enterprise lead to better products and innovation?
Businesses have to compete against each other, so they are encouraged to create better products and be more innovative.
What is the name for money or assets that go towards a business?
Capital
Any 3 of the following: consumer choice, profit motivation, private property, competition, entrepreneurship
What role does the government play in a free enterprise economy?
They make sure everything is fair and don't meddle much.
Explain supply and demand
When supply is high and demand is low, prices are low, when supply is low and demand is high, prices are high
What is another possible benefit of free enterprise you can think of that stems off of the ones we discussed?
Example: Consumers have the power to affect the success of businesses, so if they support a business, they can choose to buy the businesses product to contribute to the success of the business.
How did the industrial revolution affect free enterprise?
More products being created with more availability inspired individual economic freedom.
Explain 2 of the characteristics of free enterprise and what they do
We will tell you if it is right
Explain entrepreneurship
Where people have the freedom to start their own business