What are aspects of a free-enterprise system? Check all that apply. Private ownership of property is severely restricted. The go

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What are aspects of a free-enterprise system? Check all that apply. Private ownership of property is severely restricted. The go

vernment has a lot of power and influence. There are few limits on the use of private property. Consumers make all of their economic choices. Producers make all of their economic choices?

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2 answers:

Elena L [17] · Answer 1 · 2022-04-09T17:08:34+03:00

Answer: In a free-enterprise system,

There are few limits on the use of private property.

Consumers make all of their economic choices.

Producers make all of their economic choices

<h3>a. There are few limits on the use of private property: </h3>

In a free enterprise system the holders of private property are free to buy and sell property. The government doesn't impose restrictions on such transactions.

<h3>b. Consumers make all of their economic choices. Producers make all of their economic choices.</h3>

In a free enterprise system, the producers set the price they want to charge for their product. Similarly, the consumers decide what they want to pay for the product. Hence the prices of commodities and the quantities supplied are decided by the market forces of demand and supply.

Flauer [41] · Answer 2 · 2022-04-09T18:44:50+03:00

Options C, D, and E are correct.

Further Explanation:

Free enterprise:

Free enterprise refers to the form of market where the price, product, and services are determined by the buyer and seller mutually without the government intervention. The market is free from government control. The commercial activities are carried out on private measures. It also associated with laissez-faire capitalism and philosophical libertarianism.

Justification for the correct and incorrect option:

A.

Private ownership of property is severely restricted: This is an incorrect option because the free enterprise promotes private ownership in the market.

B.

The government has a lot of power and influence: This is an incorrect option because, in the free market, the government has the least influence over the market activities.

C.

There are few limits on the use of private property: This is the correct option because private property has only a few limits and used widely in the free market.

D.

Consumers make all of their economic choices: This is the correct option because the consumer and producers take all product and price related decisions.

E.

Producers make all of their economic choices: This is the correct option because the consumer and producers take all product and price related decisions.

Thus, option C, D, and E are correct.

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Answer Details:

Grade: Senior school

Chapter: Free-Market

Subject: Economics

Keywords: aspects, free-enterprise system, private, ownership, property, severely, restricted, government, lot, power, and influence, here are few limits, use, private, property, consumers, make, economic choices, producers.