THE VIRGINIA DYNASTY 1801 1825
AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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free enterprise system
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free response system
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free travel system
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freedom of choice
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Detailed explanation-1: -Government has the coercive power to maintain law and order, protect people’s right to own property and enforce voluntary contracts people enter into. In essence, government provides the umbrella under which the free enterprise system operates.
Detailed explanation-2: -Economic freedom is that consumers are free to choose what to buy, their jobs, their employers, what they use their money for. Business owners can choose when, where, and what they produce. Economic freedom is one of the cornerstones of American society.
Detailed explanation-3: -Over time, scholars and practitioners have rec-ognized many other pillars of economic liberty, including free trade, stable money, the right to work, control of government spending, and lower taxation.
Detailed explanation-4: -The US economy is sometimes referred to as a modified free enterprise system because it is a mixed economy based on the market system that includes some government protections, provisions, and regulations.