characteristics of Free Enterprise

Having economic freedom gives you the right to choose your occupation, your employer and your job location.

This map shows the level of economic freedom for countries around the world. More developed countries show much more economic freedom than developing nations. There is a very complicated method to  calculating the numbers that represent levels of economic freedom shown in the map. I do not understand this method, but it is explained in excruciating detail in the link below.

Voluntary Exchange

The act of buyers and seller freely and willingly engaging in market transactions is known as voluntary exchange. This hystericalarious comic shows one caveman's needs being met by another's. Titled, "The Birth of Free Market Economics", this comic is a simple example of voluntary exchange.

This picture gives a brief definition of private property,

Economic Competition

In economics, competition is the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix. Merriam-Webster defines competition in business as "the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms."

Profit Motive

The intent to achieve monetary gain in a transaction or material endeavor. Profit motive can also be construed as the underlying reason why a taxpayer or company participates in business activities of any kind. Profit motive must be determined for some transactions to determine the deductibility of any expenses involved.

Saving and Consumption

I'm kind of hoping this sparks some debate. This was a very opinionated video and any feedback and differing opinions would be great to hear!

Comment Stream

2 years ago

This was a very informative Tackk! You did a great job, except you forgot to capitalize the C in characteristics ! lol. (: I do really like the video, even if i don't agree with everything!

2 years ago

I may have to show it in class and see what we come up with!