4. what do individuals own and control under a free - enterprise system? 5. how does the government in the…

4. what do individuals own and control under a free - enterprise system? 5. how does the government in the united states limit choices in order to protect buyers? 6. what is profit?

4. what do individuals own and control under a free - enterprise system? 5. how does the government in the united states limit choices in order to protect buyers? 6. what is profit?

Answer

Brief Explanations:

  1. In a free - enterprise system, individuals own and control property, capital, and have the freedom to make economic choices like what to produce, sell, and buy.
  2. The U.S. government limits choices to protect buyers through regulations such as setting product safety standards, truth - in - advertising laws, and consumer protection laws.
  3. Profit is the financial gain achieved when the revenue from a business activity exceeds the costs, expenses, and taxes associated with it.

Answer:

  1. Property, capital, and economic choices.
  2. Through product safety, advertising, and consumer protection regulations.
  3. Financial gain when revenue exceeds costs, expenses, and taxes.