1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Advocard [28]
3 years ago
5

Explain how incentives and the limited role of government function in a free enterprise system.

Business
1 answer:
Degger [83]3 years ago
3 0

Answer:

The government has two major roles;

a. The role of a rule maker.

b. The role of an umpire.

Explanation:

a.

A free enterprise system is an economic model where the prices and quantities produced are determined by the market rather than the government. The government usually has limited or no control on the market forces. In other words, a free enterprise system is an ideology where the market is majorly controlled by private businesses. The foundation for free markets are; voluntary trade, private ownership of property and competition in bidding. However, a government controlled economy usually has the following properties, namely; all property is publicly owned, trade is coerced and there is limited competitive bidding. Even though the government has a limited role in a free enterprise system it still has a role in allowing individuals to operate freely in the market. The roles of the government are; rule maker and umpire.

b.

In a free enterprise system, individuals are allowed to do their transactions without any restrictions. Even though individuals are free to operate, there needs to be rules to make sure that the transactions are in deed free. This is where the government comes in to enforce the laws that govern the smooth running of a free enterprise system. The government's role as an umpire means that the government has the authority to solve disputes resulting from different interruptions of the law.

You might be interested in
A recession is a period of significant, widespread declines in:
Harrizon [31]

Answer:

Letter B. real income and employment.

Explanation:

Economic cycles describe the fluctuations that occur in income and employment in the economic system. This cycle may be one of expansion, a lasting movement of real income and employment growth, or it may be of recession, where the economic economy presents a significant and widespread decline in real income and employment. For example, the 2008 crisis has caused recession in many countries, leading to a fall in real income and employment.

6 0
3 years ago
Why is it important for cashiers and clerks to enjoy dealing with people?
Korolek [52]

Answer:

C. -Because They are responsible for customer satisfaction

Explanation:

Every Cashier is responsible for making sure that the customer Gets what he or she needs. and ever customer should be treated fairly. Every Customer should be happy when Getting Served.

3 0
3 years ago
David bought a pickup truck to transport his equipment on weekend fishing trips. He also bought a trailer for his lawn maintenan
trasher [3.6K]

Answer:

B2C and B2B, respectively.

Explanation:

The pickup that David bought to transport equipment on weekend fishing trips should be considered a business to consumer (B2C) transaction David will use it for recreational activities.

The trailer that David bought to transport his lawn maintenance equipment should be considered a business to business (B2B) transaction David will use it for his lawn maintenance business.

6 0
3 years ago
Monique involves her staff as much as possible in decisions that affect guest services at the brainbook hotel. many of her emplo
masya89 [10]
Thank u so much guys
6 0
3 years ago
Suppose that you only have liability and comprehensive car insurance and you allow your roommate (who doesn't have car insurance
Alisiya [41]
What will happen is that YOUR INSURANCE COMPANY WILL NOT PAY FOR THE DAMAGES.
Liability car insurance covers damages and injuries to third party's car only, it does not cover damages to the insurance owner's car. Comprehensive car insurance only cover damages done to one's car as a result of theft, fire, natural disaster, vandalism and other such acts, but does not cover damages that occur as a result of collision.
7 0
3 years ago
Read 2 more answers
Other questions:
  • Which of the following most accurately explains why fiat money has value ?
    12·1 answer
  • The temperature of rinse water in a warewashing machine that uses chemical sanitizing should be between
    13·1 answer
  • Assuming that there are no income taxes, what would be the ROI and residual income, respectively, for this equipment, which has
    13·1 answer
  • just paid $2.55 to its shareholders as the annual dividend. Simultaneously, the company announced that future dividends will be
    13·1 answer
  • Media business became big in the 1830s, partially due to the development of ______, which allowed for mass production of newspap
    7·2 answers
  • Which is an advantage of doing an apprenticeship program
    11·1 answer
  • Entrepreneur respond to the incentives of profit <br><br> A. True <br><br> B. False
    6·1 answer
  • How did the titanic sink ?
    7·1 answer
  • How long after you file taxes does it get approved.
    15·1 answer
  • The first of two significant fiscal policy initiatives enacted by the government during the great recession, signed in february
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!