Question

characteristics of private enterprise
directions: there are several characteristics of the private enterprise system. these characteristics are:
freedom in the marketplace
private property
limited government control
competition
the profit motive
the price - directed system
listed below are examples of these characteristics. read each statement and write the most appropriate characteristic in the spaces provided.
ex: operating a roadside fruit stand: freedom in the market, the profit motive
2.determining price through supply and demand
3.owning farmland
4.offering the same goods as another business for less money

1. enforcing recycling laws

6.raising prices as customer demand for a product grows
7.opening the first men’s clothing store in a town
8.setting minimum wage guidelines

1. starting your own restaurant

10.owning a building

1. offering customers options that other stores cannot

12.collecting taxes
13.selling housewares online

1. buying a computer

Explanation:

1. Determining price through supply and demand is part of the price - directed system.
2. Owning farmland represents private property.
3. Offering the same goods as another business for less money is competition.
4. Enforcing recycling laws is limited government control.
5. Raising prices as customer demand for a product grows is the price - directed system.
6. Opening the first men’s clothing store in a town shows freedom in the market and the profit motive.
7. Setting minimum wage guidelines is limited government control.
8. Starting your own restaurant is freedom in the market and the profit motive.
9. Owning a building is private property.
10. Offering customers options that other stores cannot is competition.
11. Collecting taxes is limited government control.
12. Selling housewares online is freedom in the market and the profit motive.
13. Buying a computer can be seen as part of the price - directed system (consumer choice in a price - based market).

Answer:

1. The price - directed system
2. Private property
3. Competition
4. Limited government control
5. The price - directed system
6. Freedom in the market, the profit motive
7. Limited government control
8. Freedom in the market, the profit motive
9. Private property
10. Competition
11. Limited government control
12. Freedom in the market, the profit motive
13. The price - directed system