Private enterprise requires which four elements to function effectively?
A) Communism, capitalism, socialism, and privatization
B) The right to product safety, consumer choice, freedom of information, and no government intervention in business
C) Land, labour, capital, and entrepreneurship
D) Supply, demand, equilibrium, and monopoly
E) Private property rights, freedom of choice, profits, and competition

Question

Quizplus · Accepted Answer

Private enterprise thrives on the foundation of private property rights, allowing individuals to own and control property. Freedom of choice enables consumers and businesses to make their own economic decisions. The motivation for profits drives efficiency and innovation. Competition ensures that businesses strive to improve their offerings and prices to attract customers.

Private Enterprise Requires Which Four Elements to Function Effectively