--%>

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 : Introduction of the term Risk Principle

    Give a brief introduction of the term Risk Principle?

  • Q : Explain producers in an industry

    Explain producers in an industry are receiving pure or economic profits?

  • Q : If resources were unlimited and freely

    Explain this statement:  “If resources were unlimited and freely available, there would be no subject called economics.”

  • Q : Illustration of Absolute and Relative

    The price of KnickKnacks is $1 and the price of WigWags has increased with $2 to $3. Therefore:  (w) absolute price of KnickKnacks has decreased and the relative price of WigWags has increased. (x) relative and absolute prices of KnickKnacks have

  • Q : Why does the supply curve slope upward

    Explain the law of supply. Why does the supply curve slope upward?

  • Q : The federal fiscal stimulus Question:

    Question: Was the stimulus package passed in 2009 as success?  In answering this question the focus should be the articles on the syllabus, but you should also include opinions of other commentators.   Your answer should also describe w

  • Q : Best alternatives while choices are made

    Opportunity costs, which are the values of the: (i) monetary costs of goods and services. (ii) best alternatives sacrificed while choices are made. (iii) minimal budgets of families upon welfare. (iv) hidden charges passed upon to consumers. (v) exorb

  • Q : Supply and demand at tax burdens and

    The new supply and demand curves within University City are S0 and D0. But after the county commission imposed at $3 per six-pack excise tax upon beer: (w) beer sellers' revenue after taxes decreases by $60,000 monthly. (x) buyers and sellers eac

  • Q : Gains from the Exchange Even people who

    Even people who are extremely good at everything couldn’t encompass: (i) absolute benefits in approximately everything. (ii) Much higher incomes than average. (iii) Comparative benefits in everything. (iv) Superior natural endowments of talent.

    Q : Demand supply Newspaper item: “Due to

    Newspaper item: “Due to lower grain prices, consumers can expect retail prices of choice beef to begin dropping slightly this spring with pork becoming cheaper after midsummer,” the Agriculture Department predicted. “This reflects increasing supply,” the department said. Does the statement use th