Characteristics of Free Enterprise -Extra Credit
Economic Freedom allows us as individuals to make our own choices and choose to do what ever we want to do. I express this freedom by choosing to buy and race dirt bikes.
With Voluntary Exchange we are able to purchase whatever products we want to purchase.
Private Property Rights
This picture represents my private property rights as it shows me with my dirt bike which i privately own and am able to do whatever i want with it because it is my own property.
Profit motive is when you are trying to keep something you own in premier shape so that you could eventually sell it and make money if you chose. This picture shows me after winning Grand Champion at the fair. I had to keep my animals in the best shape possible so that they could win and then i was able to sell them for more than i payed originally for them.
This picture shows me participating in a dirt bike race, going against other participants who all want the same thing, to win. Businesses experience the same type of thing, as multiple businesses are all competing to attract consumers.