ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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are free to buy and sell goods and services with little control by the government.
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can only buy products from government selected companies.
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must sell their products at the lowest price possible.
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None of the above
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Detailed explanation-1: -The U.S. is considered the best example of a free enterprise system, but other countries with some version of a free enterprise system include the UK, Singapore, Switzerland, Australia, and Canada. It bears noting that a democratic country does not automatically have a free enterprise system.
Detailed explanation-2: -Free enterprise examples include a private restaurant chain run without government interference or a person starting an online business. Its characteristics include market competition, private property, specialization, voluntary exchange, a price system, and entrepreneurship.
Detailed explanation-3: -A market economy has freedom of choice and free enterprise. Private entrepreneurs are free to get and use resources and use them to produce goods and services. They are free to sell these goods and services in markets of their choice.