THE VIRGINIA DYNASTY 1801 1825
AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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entrepreneurshipCompetitionPrivate propertyprofit motive consumer choiceWhich of the following would be the best title for the list?
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Free Enterprise System
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Mercantile system
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Federalism
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Republicanism
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Explanation:
Detailed explanation-1: -basic principles: (I 1 freedom of choice; (2) private property rights; (3) profit motive of owners; and (4) owner control.
Detailed explanation-2: -Free enterprise allows for individuals to have large economic freedoms with some regulations from the government. Many entrepreneur have taken advantage of the system and gained immense wealth. A great example is Bill Gate who has made a huge contribution to the technological industry.
Detailed explanation-3: -The U.S. economic system of free enterprise has five main principles: the freedom for individuals to choose businesses, the right to private property, profits as an incentive, competition, and consumer sovereignty.
There is 1 question to complete.