Free Enterprise Economy

Priit Robas

1.Economic Freedom

This picture contains some major characteristics of Economic Freedom like markets, businesses, quality and prosperity.

2. Voluntary Exchange

This picture shows an individual and a business representative doing a trade. Through voluntary exchange individuals can choose what, where and from who to buy products from.

3. Private Property

This picture represents how an individual can do almost whatever they like on their owned land but government regulations still apply. Government has almost no say about what is being done on the privately owned land.

4. Profit Motive

Here you can see every businesses desire to make profit. Businesses are only open to make profit and the goal of a business is to make as much profit as possible.

5. Competition

Competition is necessary to ensure maximum consumer satisfaction and efficient use of resources to minimize business expenses and make as much profit as the market allows. Just like in sports there are winners in business world and losers. 

Comment Stream

2 years ago
0

For starters we used the same picture for economic freedom, so I agree with you on that one for sure! I don't disagree with any of the pictures you selected. 👍

2 years ago
0

Your descriptions were very descriptive and explanatory. I also liked the video and how it talked about the key concepts.

2 years ago
0

The description of how each of your pictures ties into each topic was very well done

2 years ago
0

Your video does a great job of not only describing competition but showing the best type of competition.