WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
IMMIGRATION IN INDUSTRIAL AMERICA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The government controls all of the businesses.
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Individuals may start any kind of business they choose.
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Corporations are forced to allow competition.
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New businesses pay no taxes for three years.
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Detailed explanation-1: -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-2: -Growth Opportunities: At the heart of free enterprise is the notion that individuals should be able to pursue profit-making opportunities without government limitation. This means every individual has greater potential for success when given greater flexibility.
Detailed explanation-3: -Free enterprise examples include a private restaurant chain run without government interference or a person starting an online business. Its characteristics include market competition, private property, specialization, voluntary exchange, a price system, and entrepreneurship.
Detailed explanation-4: -another name for capitalism, an economic system based on private ownership of the factors of production. This means anyone is free to start a business. Individuals have the freedom to start or engage in a business. Workers voluntarily decide to work for a particular company.