Question

explain the significance of the following terms: oppurtuniy market economy free enterprise system and tariff

Answer 1

Free enterprise - an economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention,

The use of one's rights must be constrained by the rights of others. As we will see later, the economic freedom of businesses is constrained by competition from other producers. Economic freedom is an important part of the free enterprise system, because it allows us to pursue our own self-interests.

oppuurtunity market-The definition of a marketing opportunity analysis looks at the current state of an industry or market in order to determine where there is room to attract more customers, introduce new products, sell products or achieve company growth.

A market opportunity is a good deal for buyers and a good deal for the region because it represents a situation where you can meet buyers' demands for products and services while at the same time growing stocks of capitals, increasing local ownership and control, and improving local livelihoods.

tariff-a tax or duty to be paid on a particular class of imports or exports.