× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
w
3
w
3
e
3
3
r
3
g
2
2
b
2
M
2
V
2
f
2
c
2
New Topic  
Tesy Tesy
wrote...
Posts: 568
Rep: 0 0
7 years ago
Explain the role of private enterprise in a market economy. Include an explanation of the elements that comprise free enterprise.
Textbook 
Business Essentials, Canadian Edition

Business Essentials, Canadian Edition


Edition: 8th
Authors:
Read 68 times
1 Reply

Related Topics

Replies
wrote...
7 years ago
Market economies rely on a private enterprise system, one that allows individuals to pursue their own interests with minimal government restriction. Private enterprise requires four elements: private property rights, freedom of choice, profits, and competition. Private property rights allow the ownership of resources used to create wealth to be in the hands of individuals. Freedom of choice allows a number of freedoms in the market, including the freedom for a worker to sell his or her labour to any employer he or she chooses, the freedom to choose which products and brands to buy, and the freedom for producers to choose whom they hire and what they will produce. Profits are the incentives for entrepreneurs to assume the risks of business ownership. Competition occurs when businesses vie for the same resources and customers; competition is a driver of goods and services quality and price levels. All four of these elements are welcomed in a market economy.
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  599 People Browsing
 133 Signed Up Today
Show Emoticons
:):(;):P:D:|:O:?:nerd:8o:glasses::-):-(:-*O:-D>:-D:o):idea::important::help::error::warning::favorite:
Related Images
  
 312
  
 294
  
 592
Your Opinion
Which 'study break' activity do you find most distracting?
Votes: 824