The Characteristics of a Free Enterprise              Economy
                                                        - Zane Gottschalk

Economic Freedom

The market above shows the characteristics of Economic Freedom by allowing consumers to buy what they want, when they want, and letting the producer choose what they want to produce for the consumers.

Voluntary Exchange

Voluntary exchange is the willingness of consumers to participate in transactions.  These transactions take place when one person has an item another person wants and a fair trade for that item is made. The transaction with the rock and stick above is a good example of what voluntary exchange looks like.

Private Property Rights

You have the right to purchase what you want in a Free Enterprise Economy. This power gives you the ability to purchase a car, television, radio, or whatever else you may desire.

Profit Motive

The goal of a company is to make a profit so that the company can produce more goods and services for the consumers in the economy. The monopoly man represents the businesses trying to make a profit and gather money.

Competition

In a Free Enterprise Economy businesses have to compete with each other and make the consumer want their goods and services rather than another business' goods and services.  Competition is an important part of the economy and is shown very well by the figure above.

Video on Government in the Economy

The video above shows how the government is involved in an economy by providing goods and services for the people to meet needs that would otherwise go overlooked.  Also the video gives some good examples of how the government regulates the economy by putting laws into place that keep businesses producing goods and services for the population in a way that enhances competition and fair pricing.

Comment Stream

2 years ago
0

Your example of the monopoly man for Profit Motive was very creative. I liked how you used something common to many people to help explain the term economically. Also your video explained greatly how the government is involved through maintaining town parks, as well as emergency specialists and such.

2 years ago
0

We picked the same video! Anyway, I feel as if all the pictures you chose to show the characteristics were all very straight forward and easy to comprehend so you would understand the economic terms.

2 years ago
0

The video is shows very well how the government is involved in the american economy. I like the pictures for Competition and profit motive which make the terms more simple to understand.

2 years ago
0

The video you used was an excellent description of how the government helps out in our economy