Competition and Free Enterprise

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Innovation allows producers to

create goods that draw consumer attention

In a free-enterprise system, producers decide

how much to charge.

What kind of economy uses a free-enterprise system?

a market economy

In free-enterprise systems around the world, there are

some restrictions on business ownership and business activity.

Which group creates regulations in mixed-market economies?


What is one downside to competition in a free-enterprise system?

Consumers must be knowledgeable.

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

There are few limits on the use of private property. Consumers make all of their economic choices. Producers make all of their economic choices

Which situation is the best example of competition in an economic system?

A small CD store slashed its prices to attract customers from a larger store that sells CDs and DVDs.

Which situation is the best example of regulation in an economic system?

NOT A retail business just opened a new store in a community close to its original location.

Competition happens when two or more businesses

fight for the same benefit or gain

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