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Capitalism and Free Enterprise

Capitalism and Free Enterprise. Competition and Free Enterprise. Four important Characteristics 1) Economic freedom 2) Voluntary exchange Buyers and sellers freely and willingly engaging in market transactions. 3) Private Property

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Capitalism and Free Enterprise

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  1. Capitalism and Free Enterprise

  2. Competition and Free Enterprise • Four important Characteristics • 1) Economic freedom • 2) Voluntary exchange • Buyers and sellers freely and willingly engaging in market transactions. • 3) Private Property • People have the right and privilege to control their possessions as they wish. • 4) Profit Motive

  3. Continued • The Role of the Entrepreneur • Organizes and manages land, labor, and capital in order to seek the reward of profit • The Role of Consumer • Determine what products are produced (consumer sovereignty)

  4. Continued • The Role of Government • Protector • Provider and consumer • Regulator • Promoter of National Goals

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