Free Enterprise

In capitalism, who primarily owns the resources and means of production?

• The government

• The community

• Private individuals

• Non-profit organizations

What is meant by 'Consumer Sovereignty' in a free market?

• Consumers have no choice in products.

• Consumers dictate what goods are produced.

• Consumers are controlled by producers.

• Consumers rely on government decisions.

How are prices determined in a capitalist economy?

• By government decree

• Through competition

• By community consensus

• Randomly

What is the primary goal of businesses in a capitalist economy?

• To maximize profits

• To serve the government

• To eliminate competition

• To reduce consumer choice

Which of the following best describes 'Free Enterprise'?

• Government-controlled businesses

• Businesses operating with minimal government interference

• State-owned enterprises

• Community-run businesses

What does consumer sovereignty mean in a capitalist economy?

• Consumers have no choice

• Consumers dictate what is produced

• Consumers are controlled by producers

• Consumers are irrelevant

What does consumer sovereignty mean in a capitalist economy?

• Consumers have no choice in products

• Consumers dictate what is produced

• Consumers must buy what is available

• Consumers have limited influence

What is the main goal of a profit motive?

• To provide free services

• To earn money

• To support the government

• To help the environment

What is a key characteristic of a private enterprise?

• Government control

• Community ownership

• Individual or corporate ownership

• Non-profit operation

What does the character in the image suggest about the price of socks?

• They should be free

• They should cost less than $1

• They should cost more than $1

• They should remain at $1