What are aspects of a free-enterprise system? Check all that apply.

Private ownership of property is severely restricted.

The government has a lot of power and influence.

There are few limits on the use of private property.

Consumers make all of their economic choices.

Producers make all of their economic choices.

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Susie Q

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6 July, 20:26

What are aspects of a free-enterprise system? Check all that apply.

Private ownership of property is severely restricted.

The government has a lot of power and influence.

There are few limits on the use of private property.

Consumers make all of their economic choices.

Producers make all of their economic choices.

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Answers (2)

Know the Answer?

Heidy Bates · Answer 1

The aspects of a free-enterprise system are:

- There are few limits on the use of private property.

- Consumers make all of their economic choices.

- Producers make all of their economic choices.

Explanation:

The free enterprise system or free market system is an economic system in which the prices of goods and services are achieved exclusively by the mutual interaction of sellers and buyers or producers and consumers. By definition, in the free market, sellers and buyers do not force or deceive each other, nor are they forced by a third party. The aggregate effects of individual decisions are described by the laws of supply and demand.

Free markets are in stark opposition to planned economies, where governments directly or indirectly regulate prices and supplies, planning distribution among consumers based on their objectives. They can distribute goods according to needs or favor those who produce more, thereby providing incentives.

Beau Garrison · Answer 2

These are the right options:

- There are few limits on the use of private property.

- Consumers make all of their economic choices.

- Producers make all of their economic choices.