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Question
- what do individuals own and control under a free - enterprise system? 5. how does the government in the united states limit choices in order to protect buyers? 6. what is profit?
Brief Explanations
- In a free - enterprise system, individuals own and control property, capital, and have the freedom to make economic choices like what to produce, sell, and buy.
- The U.S. government limits choices to protect buyers through regulations such as setting product safety standards, truth - in - advertising laws, and consumer protection laws.
- Profit is the financial gain achieved when the revenue from a business activity exceeds the costs, expenses, and taxes associated with it.
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- Property, capital, and economic choices.
- Through product safety, advertising, and consumer protection regulations.
- Financial gain when revenue exceeds costs, expenses, and taxes.