ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to allow businesses free rein
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to give consumers freedom of choice
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to keep government out of business
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to influence economic policies
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Detailed explanation-1: -A free enterprise aims to increase freedom, market efficiency, consumer rights, financial security and stability, and economic opportunities. Though free enterprise grants more freedom, there is higher risk of more several economic crises without government intervention.
Detailed explanation-2: -The key ingredient of the free enterprise system is the right of individuals to make their own choices in the purchase of goods, the selling of their products and their labor, and their partici-pation in business structure.
Detailed explanation-3: -Free enterprise works because it allows people to do what they do best and trade for the rest. Competition is a driving force of free enterprise, resulting in greater efficiency and lower prices for the consumer. Countries embracing free market principles benefit from a higher standard of living.
Detailed explanation-4: -Three benefits of the free enterprise system include an open opportunity for all to compete in the marketplace, the production of a variety of goods and services, and the idea that buyers and seller are free to decide what will be produced.
Detailed explanation-5: -They are: economic freedom, voluntary (willing) exchange, private property rights, the profit motive, and competition.