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Summarize characteristics of a free enterprise system

Summarize characteristics of a free enterprise system. Free enterprise is…. Private enterprise Supply and Demand Entrepreneurs. The principles of a free enterprise system are…(con’t). Freedom of ownership Competition Direct competition For example: McDonald’s vs. Burger King.

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Summarize characteristics of a free enterprise system

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  1. Summarize characteristics of a free enterprise system

  2. Free enterprise is… • Private enterprise • Supply and Demand • Entrepreneurs

  3. The principles of a free enterprise system are…(con’t) • Freedom of ownership • Competition • Direct competition For example: McDonald’s vs. Burger King

  4. The principles of a free enterprise system are…(con’t) 2. Indirect competition For example: McDonald’s vs. Applebee’s 3. Price competition For example: Wal-Mart 4. Non-price competition For example: Nordstorm

  5. The principles of a free enterprise system are …(con’t) 5. Monopolies – sole control over a product and the means of producing it. • Risk – potential for loss or failure • Profit – All money left over from sales after expenses have been paid & the incentive for entrepreneurship

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