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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The cornerstone of typical economic theory derived through the work of Jeremy Bentham was the perception of (i) the wages fund. (ii) natural checks on population. (iii) increasing cost. (iv) utility. (v) surplus value. Q : Married men on average earn more income Studies indicate that married men on average earn more income than unmarried men of the same age?
Studies indicate that married men on average earn more income than unmarried men of the same age?
Illustrate Scarcity and choice of Economic Perspective?
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