Characteristics: Economic Freedom, Voluntary Exchange, Private Property, Profit Property, and Competition
Actors of Free Enterprise: Entrepreneurs, Consumers, Governement
Economic Freedom is having the power to buy what you want, your occupation, your employer, and your job location. Businesses have the opportunity to hire who they please, produce what they feel will be most profitable.
My cat is getting the satisfaction of being pet, while I relieve stress with this econ project by petting him .
Voluntary exchange is the act of buys and sellers freely and willingly engaging in a market transaction.
Private Property is the fundamental feature of capitalism that allows individuals to own and control their possessions.
Profit Motive- incentive that encourages people and organizations to improve their financial and material beings.
Competition is struggle amount sellers to attract consumers.
When two companies are on the same market, and they both produce a new project, theoretically if we were to make them human like this is what it would look like.