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Free Enterprise
1. competition promotes high quality and low prices.
2. wide selection of goods and services available to consumers.
3. the pursuit of profit leads to efficient use of resources.
4. technological change and innovation take place rapidly.
5. consumers influence production of goods through consumer sovereignty.
6. the economy is flexible and can respond quickly to changing consumer demand.
1. income and wealth are unevenly distributed. there may be great differences between right and poor.
2. economic periods ob boom and bust.
3. unemployment and underemployment may occur.
4. consumers may be manipulated through advertising.
5. producers can influence prices through the creation of cartels.
6. not all resources are used efficiently.