Characteristics of Free Enterprise
By: Kelly Ruff
Freedom to choose how to produce, sell, and use your own resources
This photo demonstrates how he has the freedom to choose which tie he wants to buy along with showing that the business has the freedom to put them on sale.
Act of buyers and sellers freely and willingly engaging in market transactions
This shows the people willingly took part in the transaction because they think the car is better than their money and the seller thinks the money is more valuable than the car.
Allows individuals to own and control their possessions as they wish
People have the right to paint their house because it's their property and it doesn't affect others.
Encourages people and organizations to improve their financial and material well-being
Just like in gambling people are free to risk their money. If it goes well, they'll gain money and if it goes bad, they'll lose money.
The struggle among sellers to attract consumers
This represents sellers competing with one another and represents how they do it individually because they have the freedom to produce how they think is best.
This video talks about how social entrepreneurs impact the economy. Their goal is to solve problems like poverty and basically help people so they can help themselves while creating more jobs. One company gave books to a school so they could get a better education so they would have a better chance of being employed later in life.