Advantages of the Free Enterprise Sect. 1

A free enterprise system is also known as a

• capitalist system

• communist system

• socialist system

• traditionalist system

The ability for everyone to enter and compete in the marketplace is called

• open opportunity

• legal equality

• free contract

• profit motive

Everyone having the same economic rights under the law is called

• profit motive

• free contract

• legal equality

• open opportunity

The ability to decide for yourself which legal agreements you will enter into is called

• profit motive

• open opportunity

• legal equality

• free contract

Free to Choose was written by

• Adam Smith

• Karl Marx

• Milton Friedman

• Gary Dahl

What are some of the advantages of Mexico’s “informal market”?

• It provides employment opportunities for many people and competition has lowered prices.

• It leads to increased tax revenue for the government.

• It ensures better working conditions for employees.

• It promotes international trade.