Chapter 3.1Benefits of Free

EnterpriseAnthony Canales

A Tradition of Free Enterprise

Free enterprise in America is founded on basic ideas.

People consider America the “land of opportunity”, a place where anyone can achieve success through hard work.

18 million unincorporated businesses including about 3 million minority owned businesses exist in America today.

Free Enterprise

Definition: : freedom of private business to organize and operate for profit in a competitive system without interference by government beyond regulation necessary to protect public interest and keep the national economy in balance.

You have the right to start your own business with little to no government interference.

Benefits of Free Enterprise

Being able to start a business with little to no government intervention.

A business you start can maintain you or make you rich.

You don’t get assigned a business, you can have a business all your own.

http://www.youtube.com/watch?v=iLkNPjbaPTk

vocabulary

Profit motive: the force that encourages people and organizations to improve there material well being.

Open opportunity: the concept that everyone can compete in the marketplace.

Legal equality: by giving everyone the same legal rights, we allow everyone to compete in the economic marketplace.

Voluntary exchange: allows people to decide what and when they want to buy or sell, rather than forcing them to buy or sell at particular times or at specific prices.

Review1. What are the benefits of free enterprise.

A. Starting a business with little to no government intervention.

B. A business you start can maintain you or make you rich.

C. You don’t get assigned a business, you can have a business all your own.

D. All the above…

TRUE/FALSE(below)

2. you can you start a business in America with little or no government interference?

3. Legal equality: by giving everyone the same legal rights, we allow everyone to compete in the economic marketplace.

4. A business you start can maintain you or make you rich.

5. Open opportunity: the concept that everyone can compete in the marketplace.