Chapter 3 section 1 benefits of free enterprise quiz answers
The American system of free enterprise is based on voluntary exchange, the profit motive, competition, private property rights, and freedom for producers and consumers. These principles support a system in which government does not regulate businesses but helps preserve an efficient economy and serve the public interest.
Benefits of Free Enterprise Quiz Answers
Guided Reading and Review
Use the chapter 3 section 1 benefits of free enterprise quiz answers to help your students understand how the U.S. Constitution protects the rights of small business owners and consumers. In particular, encourage your students to think about how they have used economic concepts in the past and how they would use them in the future.
For example, ask students to write down definitions for the terms entrepreneur, business owner, and consumer. Then ask them to supply examples of how these terms apply to a small business owner or consumer in their communities.
To introduce this topic, organize your class into groups of three or four and interview a local business owner. Ask the owner to explain how he/she decided to start their business, what led them to pursue a specific line of work, and why they have chosen to run their own business.
Tell students that laws restricting free enterprise are not meant to punish producers or consumers but to protect everyone from economic behavior that is not in the public interest. They are meant to prevent fraud, monopolies, and unfair taxation.