Characteristics of a Free Enterprise

Shelby Bushfield

Economic Freedom

This couple is appearing on Shark Tank to help start their business of eco-friendly pizza boxes. They believe they have found a new way to use and sell their resources to make a profit, demonstrating a free economy where people can make their own economic choices.

Voluntary Exchange

This person is handing over his credit card to pay for something. People voluntarily exchange money (or goods/services) in order to obtain things that satisfy their wants and needs.

Private Property Rights

This boat is somebody's private property. They own it personally and take care of it for their personal use. They have a right to this boat as it is a non-governmental legal entity.

Profit Motive

Apple will continue to produce new iPhones as long as they see that people still value them and they will make a profit. They want to continue to increase their business so they can increase their profits.

Competition

Dancers compete in an audition, wanting to attract ballet companies with their talent so they can be hired, just as companies try to attract consumers with the best product to make a profit.

This woman is a good example of entrepreneurs interacting in the economy. She is taking resources that are so common that some see them as a nuisance, and using them to help her town's economy. Although her business profits aren't for her only, she is still taking on the role of a producer, making products for people to buy. I think she is very smart to be taking natural resources and finding a good use for them that can benefit everyone.

Comment Stream

2 years ago
0

The video is a great example of american perseverance. Taking something like the bamboo which had been seen as a nuisance and turning it into a product that provided jobs for many others.

2 years ago
0

I loved your creative approach to profit motive in usage of how the iPhone has evolved since 2009 or '07, whenever, because you had to specifically think of it. Your video was highly interesting as well.

2 years ago
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The video shows the ingenuity that some people can have to become entrepreneurs in our economy. The really represent the free enterprise system in a whole.

2 years ago
0

The video was great. It shows that entrepreneurs are creative and that they don't always make something from something completely new, they work with what they have and that is part of the risk that they take.