Title: Identify characteristics of free enterprise.
Course: Agricultural Business Fundamentals I (18201-I) > Section: Understanding Basic Economics

Identification should include

- economic freedom
- competition
- equal opportunity
- voluntary (willing) exchange
- property rights
- profit motive
- binding contracts.

Process/Skill Questions:

- What is economic freedom?
- What is voluntary exchange?
- Why is it important for buyers and sellers to be able to engage freely and willingly in the market transaction?
- How does competition affect the economy?
- How does competition benefit consumers and lower prices?