ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -(I 1 freedom of choice; (2) private property rights; (3) profit motive of owners; and (4) owner control. In the United States, there are three basic types of business firms-individual-ly owned, partnerships, and corporations.

Detailed explanation-2: -The Economic Principles of America’s Founders: Property Rights, Free Markets, and Sound Money. Abstract: Although there are many scholarly treatments of the Founders’ understanding of property and economics, few of them present an overview of the complete package of the principles and policies upon which they agreed.

Detailed explanation-3: -A free market is one where voluntary exchange and the laws of supply and demand provide the sole basis for the economic system, without government intervention. A key feature of free markets is the absence of coerced (forced) transactions or conditions on transactions.

Detailed explanation-4: -founding principle of US economy. free enterprise.

Detailed explanation-5: -economic freedom. people can use their jobs employer and how to spend their money. voluntary exchange. buyers and sellers may engage freely and willingly in the market transaction. private property rights. profit motive. competition. limited government. equal oppurtunity.