Five Characterisitcs of Free Enterprise- EC
1. Economic Freedom
In this picture you can see I have a clementine in my mouth. This is representing how I have economic freedom to buy whatever I want.
2. Voluntary Exchange
Although you can't really see, my mom paid me 5 dollars for a tape measure. We are both willing to exchange because we both feel like we're gaining value.
3. Private Property
This picture shows me holding my clementine. I can do whatever I want with this piece of fruit because it's mine and I own it.
4. Profit Motive
Profit motive is when you keep something you own in good shape so you can sell it someday if you'd like. This picture is an example of what you shouldn't do to achieve profit motive. I am about to smash my clementine which would offer me no profit in return because who wants a smashed clementine?
This picture shows me and mom competing for the clementine in a game of rock-paper-scissors. Clearly, I won. Just like my mom and I, businesses compete for the best products to attract the most consumers.