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Why are entrepreneurs important in a private enterprise system?
They encourage the development of new products.
One of the differences between private enterprise and other types of economic systems is that in other systems, workers
may be unable to improve their standard of living.
For which of the following do workers compete in a private enterprise system:
Jobs
One of the factors that directly limits the economic freedom of individuals in a private enterprise system is government
taxation.
The economic basis for the private enterprise economic system is
the profit motive.
The private enterprise economic system is often described as a
price-directed system.
Which of the following is a disadvantage of private enterprise:
Periods of unemployment
Private enterprise is based on the idea that everyone is better served when
individuals are free to set their own goals.
One of the freedoms provided to individuals by the private enterprise system is the freedom to choose
where they will work.
Who answers the basic economic questions in a private enterprise economic system?
Businesses and individuals
Alex owns a guitar, several books, and a telescope. Alex’s possessions are examples of
private property.
Which of the following is a benefit of the freedom to own private property:
It encourages people to save and to invest.
Which of the following statements best describes the way that the U.S. economic system functions:
Individuals and businesses are the primary decision makers, while the government is the regulator.
In a private enterprise economic system, consumers can choose from a variety of products as a result of
competition
define Entrepreneur.
An individual who: invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for her/his efforts
Private property is..
Anything of value that people own
What is Private enterprise?
An economic system in which individuals and groups, rather than the government, own or control the means of production; also known as free market economy, private profit system, market system, capitalistic system, or free enterprise system
what is competition?
The rivalry between two or more businesses to attract scarce customer dollars
define economic system
The organized way in which a country handles its economic decisions and solves its economic problems