bdex2 asked in Social ScienceEconomics · 1 decade ago

What are examples of the basic principles of free enterprise? Please.?

Examples of the following so that I can make an illustration.

Profit Motive

Open Opportunity

Legal Equality

Private Propery Rights

Free Contract

Voluntary Exchange

Competition

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  • Anonymous
    1 decade ago
    Best Answer

    Open Opportunity & Legal Equality - everybody can create a business and have same legal protection. I.e. no corruption or government/judges protecting their "favorite" businesses.

    Private Propery Rights - nobody can take away your property against your will. If a government build a road through your plot of land, they should compensate you at fair market price. No surprise nationalizations, no "voluntary" donations.

    Free Contract & Voluntary Exchange - nobody can force you into a deal. I.e. you can choose your suppliers, no mafia types telling you to buy from them b/c you are on "their land"

    Competition - having several firms supplying same good or service. If it's technically possible & economically viable, previous rules ensure that there will be several firms.

  • Anonymous
    4 years ago

    This Site Might Help You.

    RE:

    What are examples of the basic principles of free enterprise? Please.?

    Examples of the following so that I can make an illustration.

    Profit Motive

    Open Opportunity

    Legal Equality

    Private Propery Rights

    Free Contract

    Voluntary Exchange

    Competition

    Source(s): examples basic principles free enterprise please: https://tr.im/yPQjP
  • 4 years ago

    1) Individual Rights: "We are each created with equal individual rights to control and to defend our life, liberty and property and to voluntary contractual exchange."

    2) Limited Government: "Governments are instituted only to secure individual rights, deriving their just powers from the consent of the governed."

    3) Equal Justice Under Law: "Government must treat everyone equally; neither rewarding failure nor punishing success."

    4) Subsidiarity: "Government authority must reside at the lowest feasible level."

    5) Spontaneous Order: "When individual rights are respected, unregulated competition will maximize economic benefit for society by providing the most goods and services possible at the lowest cost."

    6) Property Rights: "Private ownership is the most efficient way to sustainably utilize resources."

    7) The Golden Rule: "Deal with others honestly and require honesty in return."

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