--%>

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 : Understates the economic cost of a

    Computing the cost of college education like the cost of books, tuition and materials, room as well as board, and spending money: (i) overstates the economic cost of a college education. (ii) accurately measures the economic cost of a college educatio

  • Q : Factors of production and the method

    Who owns the factors of production and the method used to coordinate economic activity?

  • Q : Inefficiencies and inequities by

    An employer that exaggerates the safety of a position or the prospects for advancement to job applicants makes inefficiencies as well as arguable inequities due to: (1) signaling. (2) credentialism. (3) screening. (4) adverse selection. (5) a moral hazard.

  • Q : Major implication of invisible hand of

    The major implication of Adam Smith’s conception of an “invisible hand” was such that: (w) pursuit of individual self interest must be controlled. (x) most people lose sight of what’s good for society. (y) most

  • Q : What are the scientific method that

    What are the scientific method that Economists use to establish theories, laws, and principles?

  • Q : Perfect competition and efficiency

    Which of the given describes a condition in which a good or service is produced at the lowest probable cost: w) productive efficiency. x) allocative efficiency. y) marginal efficiency. z) profit maximization Please

  • Q : Illustrate the advantage and

    Illustrate the advantage and disadvantage of Partnership?

  • Q : Utility with food coupons Question: In

    Question: In Vancouver the Salvation Army encourages people to make food voucher donations to panhandlers instead of simply giving them cash. You can buy a food voucher for $5 and give it to a panhandler who can use it to purchase food. The Sa

  • Q : Demand Q X= 600- 6PX + 20I +0.4PY c.

    Q X= 600- 6PX + 20I +0.4PY c. Suppose PX increases by 10%, by what percentage would sales decrease? Explain how this price increase affect total revenues from good X.

  • Q : Specialization and trade according to

    Not between concepts explained in Adam Smith’s Wealth of Nations was the conception which net benefits occur from: (1) specialization and trade according to comparative advantage. (2) the division of labor in production processes. (3) reliance o