Illustrate Freedom of enterprise and choice exist
Illustrate Freedom of enterprise and choice exist?
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1. Freedom of enterprise means that entrepreneurs and businesses have the freedom to obtain and use possessions to create products of their own choice, and to sell these products in the markets of their choice.
2. Freedom of choice means:
a. Owners of property and money resources can use resources as they choose.
b. Workers can choose the occupations, guidance as well as job of their choice.
c. Consumers are free to spend their income in such a way as to best satisfy their wants (consumer sovereignty).
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Give a brief introduction of the term Risk Principle?
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In Wealth of Nations by Adam Smith, opined that the productivity of labor based primarily on: (w) workers’ education. (x) divisions of labor. (y) technologically advanced machines. (z) suitable wage rates. Discover Q & A Leading Solution Library Avail More Than 1418978 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1937505 Asked 3,689 Active Tutors 1418978 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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