Five Pillars of American Enterprise

advertisement
Profit
Competition
Right to private enterprise
Freedom of choice
Right to private property
Profit
Profit is defined as the surplus a business has left after
all expenses of running the business have been
deducted from the total income.
The prospect for profit is the
driving force of American
Enterprise.
Competition
Competition is the rivalry among
businesses for the same consumers.
In order for businesses to keep their
consumers coming back for their good
and/or service, competition among
businesses forces businesses to always
produce the best good and/or service
they can.
Right to private enterprise
Private enterprise enables not only
business owners but also consumers to
make choices. Business owners have the
choice to decide what, when, and how they
will produce their product.
This also gives consumers the choice to
decide which products they will purchase,
when they will purchase them, and also
where they will purchase the product.
Freedom of choice
Freedom of choice gives
individuals the independence
to make their own decisions.
Business owners have the
decision of what to sell and
consumers have the decision
where to buy.
Right to private property
The right to private property enables
people to own, use, and dispose of things
of value at their own expense.
Business owners must be sure that laws are upheld so
that when a new product is invented, no other person
but the inventor may produce that product unless he
or she agrees to the production.
Download
Related flashcards

Business

28 cards

Business terms

50 cards

Tourism in Greece

43 cards

American producers

28 cards

Tverskoy District

24 cards

Create Flashcards