In a free enterprise economy, competition is key.

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In a free enterprise economy, competition is key. World Geography, Unit 04 Lesson 03 ©2012, TESCCC

Explain how these images demonstrate competition and the free enterprise economic system. Photo credits: NES: Amos, E. (Photographer). (2010). Nes console set. [Web Photo]. Retrieved from http://upload.wikimedia.org/wikipedia/commons/8/82/NES-Console-Set.jpg Gamecube: Amos, E. (Photographer). (2010). Gamecube console. [Web Photo]. Retrieved from http://upload.wikimedia.org/wikipedia/commons/a/ae/Gamecube-console.jpg Wii: Amos, E. (Photographer). (2010). Wii console. [Web Photo]. Retrieved from http://upload.wikimedia.org/wikipedia/commons/8/83/Wii_console.png ©2012, TESCCC

Photo credits: Personal computer: (2007). Science museum 025. (2007). [Web Photo]. Retrieved from http://upload.wikimedia.org/wikipedia/commons/4/49/Science_museum_025_adjusted.jpg Laptop: Papantoniou, G. (Photographer). (2012). Acer aspire 8920 gemstone. [Web Photo]. Retrieved from http://upload.wikimedia.org/wikipedia/commons/archive/4/47/20120105202148!Acer_Aspire_8920_Gemstone_by_Georgy.JPG Tablet: Perry, L. (Photographer). (2012). Baslate 7sch android tablet computer. [Web Photo]. Retrieved from http://upload.wikimedia.org/wikipedia/commons/c/c1/Baslate_7sch_android_tablet_computer.jpg ©2012, TESCCC

What exactly is a free enterprise economy? ©2012, TESCCC

Free Enterprise System A market economy in which individuals depend on supply, demand, and prices to determine the answers to the four economic questions of “what to produce,” “how to produce,” “how much to produce,” and “for whom to produce.” The system has four characteristics: economic freedom, voluntary exchange, private property, and the profit motive. Social Studies Center [defunct]. (2000). Glossary. Austin: Texas Education Agency. ©2012, TESCCC

Global Economic Systems Free Enterprise Socialism Communism ©2012, TESCCC

Public Ownership (land and/or natural resources U.S. Communism Capitalism Free Enterprise Socialism Government Control Competition Public Ownership (land and/or natural resources ©2012, TESCCC