Characteristics of Free Enterprise

By Astrid Lorenzen

Economic Freedom

The freedom to make your own economic decisions

This picture shows the freedom for everyone to choose their own occupation and job location. They also have the freedom to move on to another job that offers them a greater opportunity if they want to.

Voluntary Exchange

Buyers and sellers willingly engaging in market transactions.

This shows how a person buys a product that the other person sells. The buyer spends her money because she believes that the product is worth her money. The seller is willing to give the product in exchange for money

Private Property Rights

For someone to to own and control their possessions as they wish

This person has the right to use his yellow paint to paint his wall.

Profit Motive

Motive for someone to improve their material well-being to earn rewards for their efforts

The goal of a business is to make money to pursue what is in their own interests. They wish to create a greater company to achieve higer profit

Competition

The struggle among sellers to attract consumers

Competition is possible because businesses have the freedom to produce the products they want to produce, in the way they want, to make it desirable for consumers.

Comment Stream

2 years ago
0

I really liked how your video talked about voluntary exchange and how they were educating people on what it is.

2 years ago
0

Your captions were simple yet helped give a better understanding of what each characteristic was. The video did a good job of explaining how businesses were in competition with each other mostly because of prices.

2 years ago
0

The videos helped explain more about voluntary exchange and also competition. Your captions weren't long but did a good job explaining the characteristic.