Which Describes An Example Of The Economic System Known As Free Enterprise?

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Question

Which describes an example of the economic system known as free enterprise? People are free to shop around for products, but manufacturers dictate what is available. People are free to shop for the best price on products because there is open competition. Government oversight of business gives people freedom to shop for the best deals. Government regulations ensure that everyone has the freedom to shop for the best deals.

Answer

Answer;People are free to shop for the best price on products because there is open competition.Explanation;-Free enterprise is a type of economy where products, prices, and services are determined by the market, not the government.-Things that are free are unconstrained, and a business is an enterprise. So, free enterprise refers to an economy where businesses are free from government control. In a free enterprise, prices go up and down because of supply and demand.- If there’s high demand, prices go up. If there’s low demand, prices go down. Free enterprise is when private companies compete for profit without government interference.

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