EMC Publishing, LLC 3 Section 1 Characteristics of

EMC Publishing, LLC 3 Section 1 Characteristics of

EMC Publishing, LLC 3 Section 1 Characteristics of Free Enterprise EMC Publishing, LLC

How Does Free Enterprise Answer the Three Economic Questions? What is produced: Market -interaction of supply (producers decision) and demand (consumer decisions) How it is produced: market Who gets the good/service: market

EMC Publishing, LLC How Does Free Enterprise Answer the Three Economic Questions? (cont.) In a free enterprise economy, goods are produced for people who are both willing and able to buy them.

EMC Publishing, LLC Five Features of Free Enterprise Free enterprise has five major characteristics: private property, choice, voluntary exchange, competition, and economic incentives EMC Publishing, LLC

Exhibit 3-1 from the Student Text EMC Publishing, LLC Laws, Institutions, and Regulations Free enterprise takes place in many countries, and

the economic climate may vary from country to country. Legal systems and institutions can either help or hinder free enterprise. EMC Publishing, LLC The Circular Flow Model that demonstrates the interaction of

Households Governments Firms EMC Publishing, LLC Exhibit 3-2 from the Student Text The economy is

composed of businesses, households, and the government. Relationships between these groups create the circular flow of economic

activity. EMC Publishing, LLC

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