Characteristics of Free Enterprise

There are five characteristics of a free enterprise economy

Economic Freedom

People can choose how to spend their money, what jobs they work, who they work for, and businesses can choose how to spend their money, what to sell, and how much to charge for what they sell

While what the Joker is doing isn't legal, it represents the fact that people in a free enterprise economy can do (almost) whatever they want with their money

Voluntary Exchange

Consumers and businesses can engage in market transactions freely

This business is encouraging consumers to come in and make voluntary transactions

Private Property Rights

People are allowed to do whatever they want with their property as long as they do not interfere with the rights of others

Like Will Ferrell is doing, we as citizens in a free enterprise economy can do what we wish with our property, even if that is putting your living room in your front yard

Profit Motive

People are allowed to take risks in business ventures in hopes of making a profit

This is a picture of the first ever McDonald's, which was an entrepreneurial venture which was obviously worth the risk


The battle between businesses to attract consumers

While not much competition, Plankton and the Chum Bucket were always competing for the Krusty Krab's customers

Informational video about how entrepreneurial production grows the economy

Comment Stream

2 years ago

I enjoyed the way you explained not only what the title was but how the picture fits into the category. I also like the way the first picture was animated.

2 years ago

Overall it was very good, but maybe explain in the explanation for the video which characteristic entrepreneurs are getting involved in.