Free Enterprise

Nina Werkowski  

Economic Freedom

Economic freedom means choosing what you want to buy, choosing your occupation, your employer, and you job location. On the business end, they can hire the best workers and are able to produce what they choose.

Voluntary Exchange

Voluntary exchange is defined as the act of buyers and sellers freely and willingly engaging in market transactions.In the picture the farmers are exchanging the grains for the fish. When consumers use money to buy a product they believe that the item you are purchasing is worth more than the money you are giving up.

Private Property

Private Property gives people the right to own their land and do what they choose with that land. It also gives people the incentive to work, save, and invest into their property.

Profit Motive

Profit motive is defined as the incentive that encourages people and organizations to improve their material well-being. In the picture I think it ties to profit motive because a businesses ultimate goal is to make money.

Competition

Competition is defined as the struggle among sellers to attract consumers. Coke and Pepsi have always been rivalries, and this picture shows them butting heads to get the consumer to buy their product. Competition is a necessity in any economy, without it our economy would not be able to grow and we would not have the freedom to choose what we want to buy.

Actors of a free enterprise

Consumer sovereignty

Comment Stream

2 years ago
0

Your descriptions about each characteristic were very detailed and informative. I also really liked the way your tackk looks! :)

2 years ago
0

You had really good examples for each of the areas. I liked the competition picture you had used and each one has very good detailed answers.