1. In a free enterprise economy, competition is key.
World Geography, Unit 04 Lesson 03
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2. Explain how these images demonstrate competition and the free enterprise economic system.
Photo credits:
NES: Amos, E. (Photographer). (2010). Nes console set. [Web Photo]. Retrieved from
Gamecube: Amos, E. (Photographer). (2010). Gamecube console. [Web Photo]. Retrieved from
Wii: Amos, E. (Photographer). (2010). Wii console. [Web Photo]. Retrieved from
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3. Photo credits:
Personal computer: (2007). Science museum 025. (2007). [Web Photo]. Retrieved from
Laptop: Papantoniou, G. (Photographer). (2012). Acer aspire 8920 gemstone. [Web Photo]. Retrieved from
Tablet: Perry, L. (Photographer). (2012). Baslate 7sch android tablet computer. [Web Photo]. Retrieved from
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4. What exactly is a free enterprise economy?
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5. Free Enterprise System
A market economy in which individuals depend on supply, demand, and prices to determine the answers to the four economic questions of “what to produce,” “how to produce,” “how much to produce,” and “for whom to produce.” The system has four characteristics: economic freedom, voluntary exchange, private property, and the profit motive.
Social Studies Center [defunct]. (2000). Glossary. Austin: Texas Education Agency.
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6. Global Economic Systems
Free Enterprise
Socialism
Communism
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7. Public Ownership (land and/or natural resources
U.S.
Communism
Capitalism
Free Enterprise
Socialism
Government Control
Competition
Public Ownership (land and/or natural resources
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