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Explanation:

If an economy has both capitalism and free markets, we say that the economy is based on free enterprise. A free enterprise economy has five important characteristics. They are economic freedom, voluntary willing exchange, private property rights, the profit motive, and competition.

Individual freedom is almost the same as the “economic freedom” described earlier, so in some ways

the two overlap. Economic freedom is both a trait and a benefit of capitalism. This is true of capitalism

in the United States. It is also true in other parts of the world, like Singapore and Northern Europe.

Capitalism and democracy are fairly strong in those places.

Our individual freedom shows in many different ways, from choices we make in the market to

choices we make in the voting booth. Strong and stable democracies are also found in countries with

free enterprise capitalism. It is not possible to have one without the other.

Freedom is something that we value every day, from the time we get up until the time we go to

bed. Many of the personal choices we make, such as the foods we buy and the jobs we do, would not

be possible without an economy based on free enterprise capitalism.

Capitalism thrives on competition—the struggle among sellers to attract the most consumers.

Competition is possible because businesses and entrepreneurs have the freedom to produce what they

think will be the most profitable. Free enterprise capitalism allows competition to thrive. This benefits

both producers and consumers.

Competition benefits consumers by ensuring that unpopular products will cease to be produced.

Competition also benefits consumers by ensuring that producers always work to bring newer, better,

and less expensive products to market.

Competition benefits the economy by ensuring that the most efficient producers of a product

survive, while the least efficient producers fail or try to produce different products. In a world of scarce

resources, competition helps to ensure that resources are used as efficiently as possible.

Market economies everywhere produce a huge variety of goods of almost all shapes, colors, and sizes.

Take shoes, for example. Whenever you go into a shoe store, you will find an amazing variety of colors,

styles, shapes, and sizes. If the store is big enough, there may be aisles and aisles of shoes, and the

variety of shoes changes from season to season. Go to a different store, and you might find different

brands, colors, and styles. All this is due to competition. But think how different things would be in a

different type of economy.

Under a command economy, as in the former Soviet Union, the central planners would solve the

the problem of shoe production in a different way. First, they would get an estimate of the number of

men, women, and children in the economy. Then they would decide how many pairs of shoes each

should buy in a year. The easiest thing is to make a small number of styles, in a limited number of

colors. The result, as far as the consumer was concerned, was a handful of styles that were produced

mostly in one color black.

Market economies adjust daily to change. The adjustment takes place mainly through the price

the system, and a change in the price of one product can affect changes in other industries. Consider the

the way the rising cost of oil on international markets has affected our economy. One of the main changes

has been increased gas mileage for new cars. Because there is a growing focus on fuel efficiency, car

makers have figured out how to improve mileage. More efficient gasoline engines and lighter weight

materials for car bodies have been developed. Some of the improvement is also due to extensive wind

tunnel testing to reduce wind drag.

Economists think of wealth as the build-up of products that are tangible, have utility, and are

transferable. The creation of wealth is exactly what happens when more and better products are

produced in a free market capitalistic system.

The United States’ Gross Domestic Product (GDP) (the dollar value of all final goods, services, and

structures produced within a country’s borders in a year) is the largest in the world. It is twice as large

as China’s GDP, even though China’s population is more than four times larger than the U.S. population.

answer; the correct answer to the above statement is to increase the production of milk in a herd of milk cows, the highest producing cows were chosen as the mother;

answer is b.shrapnel