ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
GLOBALIZATION AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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demand
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monopoly
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oligopoly
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free enterprise system
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Detailed explanation-1: -When people have the right to make economic choices, also called capitalism and a market economy.
Detailed explanation-2: -(I 1 freedom of choice; (2) private property rights; (3) profit motive of owners; and (4) owner control.
Detailed explanation-3: -Free enterprise is a type of economy where products, prices, and services are determined by the market, not the government. It’s capitalism, not communism.
Detailed explanation-4: -One of the most important characteristics of a market economy, also called a free enterprise economy, is the role of a limited government. Most economic decisions are made by buyers and sellers, not the government.
Detailed explanation-5: -Answer: Capitalism is an economic system based on the principal of free enterprise.