--%>

Illustrate Freedom of enterprise and choice exist

Illustrate Freedom of enterprise and choice exist?

E

Expert

Verified

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).

   Related Questions in Business Economics

  • Q : Prices are the automatic regulator

    “Prices are the automatic regulator that tends to keep production and consumption in line with each other.”  Explain.

  • Q : Enterprise is dictated primarily by

    “The legal form an enterprise assumes is dictated primarily by the financial requirements of its particular line of production.”  Do you agree?

  • Q : Elucidate reallocation of Government

    Elucidate reallocation of Government resources?

  • Q : Comparison between EVA and Ratio

    Comparison between EVA and Ratio Analysis: EVA helps in measuring the economic performance of the company. It is the profit earned by the firm less the cost of financing the firm’s capital. It shows that the shareholders gain when the return fro

  • Q : Illustrate Economics for citizenship

    Illustrate Economics for citizenship?

  • Q : Define the term Abstractions in

    Define the term Abstractions in economics?

  • Q : Elucidate how Personal income tax is a

    Elucidate how Personal income tax is a major source?

  • Q : Distinguish between allocative

    Distinguish between allocative efficiency and productive efficiency. Give an illustration of achieving productive, but not allocative, efficiency?

  • Q : Individuals self-interests and broader

    A natural harmony among individuals serving their own self-interests and the broader interests of society was the main theme of the theories of __________, although this concept was not accepted through _________. Determine the correct answer from given options: (w) K

  • Q : Exchange and Specialization I have a

    I have a problem in economics on Exchange and Specialization. Please help me in getting the right answer from the following question. Sarah the wheat farmer would be most probable to trade for fruit from the Kathy's orchard if: (i) Sarah's opportunity