Analyze Free Enterprise System
What Are Some Examples of Free Enterprise?
Open a coffee shop, start an online business, or choose to become a doctor.
Is economic freedom a Disadvantage or an Advantage of Free Enterprise?
Yes
What is considered the best Economic System?
Capitalism is the greatest economic system because it has numerous benefits and creates multiple opportunities for individuals in society.
Is the Supply (Dependent or Independent )to Demand?
Supply is Dependent
What is Surplus?
an amount of something left over when requirements have been met.
What is The Free Enterprise System
Free enterprise is the freedom of individuals and businesses to regulation
What are the 3 Advantages of Free Enterprise in Entrepreneurship?
economic freedom, voluntary (willing) exchange, private property rights, the profit motive, and competition.
What are the 3 economic systems?
the free market, Traditional, and Command
When the Demand is high and supply is low, how does it affect the prices of goods?
The prices increase.
What is a Shortage?
a state or situation in which something needed cannot be obtained in sufficient amounts.
What does Free Enterprise Enable?
It enables individuals and businesses to create, produce, are able and willing, enterprising people produce goods and services for produce and sell goods and services.
Why is the importance of free enterprise to entrepreneurs?
Free enterprise promotes economic growth by encouraging entrepreneurs to start new businesses.
What is the Difference between Command systems and Market systems?
A centralized authority influences command systems, while a market system is under the control of forces of demand and supply.
What happens to the supply when the demand becomes high?
Supply will start to increase
What is the Equilibrium?
Where the supply and price is at a comfortable state.