Which ideas or situations are consistent with the concept of free enterprise? Check all that apply.
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1)Consumers overwhelmingly prefer one sandwich shop to another. 3) A hair stylist decides to reduce prices on his services. 4) A worker at a factory decides to take another job for higher pay. 5) A business owner decides to offer a new product for sale.
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- A free enterprise is a type of economy where the product, the price and service are determined by the market forces which are the demand and supply.
- It is a capitalistic form of market where businesses are free from government control.
- Free enterprise has various disadvantages too.
- It leads to a growing gap between the rich and poor.
- It also leads to the bad working conditions of the employees and exploitation of them by the owners.
- Some advantages to write a freedom of producing the goods at their own rate which can lead to generation of high profits.
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