US Free Enterprise System questions with correct answers

How does the US Free Enterprise System operate? - Answer according to six main principles what are the six main principles? - Answer freedom to choose our employment and form businesses, right to private property, profit motive, competition, consumer soveriengty, rule of law freedom to choose our employment and form businesses - Answer the decision as to which field of employment you go into is basically yours alone to make and you also have the decision to form businesses; you will decide what fees to charge and and what hours to work; laws prohibit you from harming/cheating costumers or other people, you have to keep accurate financial records and pay taxes what is private property? - Answer piece of land, building, vehicle, or other things owned by individual, family, or group what is public property? - Answer city hall, park, or highway, all of which are owned by government right to private property - Answer people's right to buy and sell private property guaranteed by law; people must use property in safe and reasonable ways profit motive - Answer main reason why you or any other enterprising person organizes business is to make profit, you do this by earning more money than you spend, business firms try hard to keep costs down and increase income from sales, better they succeed at this, higher profits are, desire by business owners to earn greatest profits known as the profit motive