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Published byTrevor Houston Modified over 5 years ago
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What are the roles of government in our free enterprise economy?
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Characteristics of the American Economy
Limited role of government Freedom of enterprise Freedom of choice Profit incentive Private property Competition
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Limited role of government- free market- Laissez-faire
Private individual own the factors of production and answer the basic questions.
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Freedom of enterprise- Individuals own factors of production
Freedom of enterprise- Individuals own factors of production. No guarantee of success Limited government regulations.
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Freedom of choice- Buyers make decision People freely choosing where and what to spend their money on.
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Profit incentive- desire to make money that motivates people to produce and see goods and services.
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Private property- property owned by individuals not governments.
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Competition- Rivalry among producers or sellers of similar goods and services to win more business- competition leads to efficient use of resources and prices.
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