What are the roles of government in our free enterprise economy?

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Presentation transcript:

What are the roles of government in our free enterprise economy?

Characteristics of the American Economy Limited role of government Freedom of enterprise Freedom of choice Profit incentive Private property Competition

Limited role of government- free market- Laissez-faire Private individual own the factors of production and answer the basic questions.

Freedom of enterprise- Individuals own factors of production Freedom of enterprise- Individuals own factors of production. No guarantee of success Limited government regulations.

Freedom of choice- Buyers make decision People freely choosing where and what to spend their money on.

Profit incentive- desire to make money that motivates people to produce and see goods and services.

Private property- property owned by individuals not governments.

Competition- Rivalry among producers or sellers of similar goods and services to win more business- competition leads to efficient use of resources and prices.