| All economic systems have
| a
| in each nation's social values and objectives.
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| Free market or free enterprise economic systems
| b
| consumers' needs and wants.
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| Economic systems reflect the differences
| c
| unpleasant consequences or so-called economic punishments.
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| Free enterprise means that people
| d
| different blends of traditions, commands, and markets.
|
| Entrepreneurs, who are guided by the economic incentive of profit, create businesses which satisfy
| e
| employees to produce more and producers to use resources more efficiently.
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| The promise of profit stimulates
| f
| is provided by the price system and competition.
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| When people fail to make good economic decisions, they may face
| g
| have a high level of economic freedom.
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| In the free market system, economic “punishment” may take the form of
| h
| losses for businesses and low salaries or unemployment for workers.
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| Entrepreneurs constantly discover new and better ways
| i
| have the opportunity to own and use economic resources.
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| A market is any place or any way
| j
| that buyers and sellers can exchange goods, services, resources, or money.
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| In the free enterprise system, the vital information for decision-making
| k
| in the hope of making a profit.
|