QQuestionBusiness Management
QuestionBusiness Management
Under free
-
market capitalism, people have four basic rights: the right to own private property, the right to own a business and keep all that business's profits, the right to freedom of competition, and the right to freedom of choice. This activity is important because it illustrates the freedoms that are essential to economic success.
The goal of this activity is for you to understand the basic rights of free
-
market capitalism and apply them to different scenarios.
For each scenario, select the basic right of free
-
market capitalism that the scenario represents.
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Answer
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Step 1Sure, I'd be happy to help you with this activity! Here's a step-by-step solution:
Scenario 1: A local farmer grows organic vegetables and sells them directly to consumers at a farmers market. She is able to keep all the profits from her sales.
Step 2: Identify the basic right of free-market capitalism in this scenario.
The basic right of free-market capitalism in this scenario is the right to own a business and keep all of its profits. The farmer is growing her own vegetables and selling them directly to consumers, which means she is able to keep all of the profits from her sales. Scenario 2: A bakery and a coffee shop are located next to each other in a strip mall. They both sell coffee and pastries, and sometimes compete for customers who are deciding where to buy their breakfast.
Final Answer
Scenario 1 represents the right to own a business and keep all of its profits. Scenario 2 represents the right to freedom of competition. Scenario 3 represents the right to freedom of choice.
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