What are the weak points or economic costs that are part of a free enterprise economy quizlet?

Notes and vocab for Chapter 2 - Economic Systems and the American Economy

Inhaltsverzeichnis Show

What are the weak points or economic costs that are part of a free enterprise economy?
What are the 4 factors of free enterprise?
What are the 5 main elements of free enterprise?
What are the pros and cons of free enterprise?

Terms in this set (57)

-One of the most important characteristics of capitalism is the existence of private property
-Property that is held by individuals or groups rather than by the federal, state, or local governments
-You as an individual are free to buy whatever you can afford, whether it is land, a business, an automobile, or baseball a cards
-You can also control how, when, and by whom your property is used
-What are called the rights of property, however, are actually the rights of humans to risk investment, own productive assets, learn new ways of producing, and then to enjoy the benefits if these choices result in profits

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What are the weak points or economic costs that are part of a free enterprise economy?

What are the disadvantages of Free Enterprise Capitalism? Uneven economic growth: sometimes growth is fast and other times it is slow. Growing gaps between rich and poor: rich seem to get richer and poor seem to get poorer. Large “supply-side” tendencies: firms will combine and reduce competition.

What are the 4 factors of free enterprise?

(I 1 freedom of choice; (2) private property rights; (3) profit motive of owners; and (4) owner control.

What are the 5 main elements of free enterprise?

The U.S. economic system of free enterprise has five main principles: the freedom for individuals to choose businesses, the right to private property, profits as an incentive, competition, and consumer sovereignty.