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free enterprise

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Introduction

The standard of living in the United States is one of the top 15 in the world by the standard economist measure of standard of living. Per capita income is high. The well-being or quality of life of a population is an important concern in economics and political science. It is measured by many social and economic factors. A large part is standard of living, the amount of money and access to goods and services that a person has; these numbers are fairly easily measured.The economic factors that have led the United States to have one of the highest standards of living are because of the: FREEE ENTERPRISE SYSTEM: In United States, we have the freedom to make decisions about where we work and how we spend our money. ...read more.

Middle

Competition forces business to produce better quality goods and services at reasonable prices. Businesses constantly look for ways to develop new products and improve old ones to attract new customers. Competition results in a wider selection of products from which to choose. The results of these efforts increase the nations output of goods and services, as well as it standard of living. MONOPOLIES: When there is no competition and one firm controls the market for a given product, a monopoly exists. A monopoly is exclusive control over a product or the means of producing it. Monopolies are not permitted under a free enterprise system because they prevent competition. A company can charge whatever it wants without competition. It can also control the quality of a product and who gets it. ...read more.

Conclusion

Employees generally not only have higher morale. Investors earn money from their investments, which they spend or reinvest. Vendors and suppliers make more money, too. As employment and profits climb, the government makes more money from taxation of individuals and businesses. Companies and individuals are also more likely to donate to charities when they are doing well. As people earn higher incomes they have more money to spend freely. There is an increase in a need not only for expensive products such as cars and homes, but also for services such as vacations. If each person is free to develop and apply his or her talents to the greatest extent possible, then both the individual and the economy benefit. American high standard of living is a shining example of showing that all who had the opportunity to succeed on the basis of their own effort, skill, and ingenuity. ?? ?? ?? ?? MARKETING PAPER-2 ...read more.

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