Free Enterprise Book

Freedom and democracy are important, but they will not survive long if they are not supported by a robust economy to which all players have equal access. For the most part, in a free market system, merit, wits and hard work will be rewarded; and when they are rewarded, the entire society benefits. This author strongly believes that democracy and robust economy go hand in hand and that free enterprise is the best way of achieving that robust economy!

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THE FREE ENTERPRISE BOOK
TEACHER’S MANUAL


15 Key Principles of Free Enterprise


The Story of Allen, Andre, Marcella and Sabetha


Activities to do with Students

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By


Jerry Dean Epps,Ph.D.

Start with Principle 1 and it will have a link to Principle 2, so you can read through all 15 Principles.  However, you can also click on any individual Principle to go to there directly.

Principle 1: Essentials that people need for physical survival are food, water, clothes and shelter.

Principle 2: Non-essentials that people desire for emotional enjoyment are things like toys for their children, special foods, nice clothes and free time.

Principle 3: People are motivated by profit and will work to get profit so they can buy the essential and non-essential goods and services they need or want.

Principle 4: “Pride of Ownership” comes from people earning and owning the things they use.

Principle 5: When people have money to save they have a chance to invest their savings in businesses that will give them profits in the future.

Principle 6: Rule of law is important so workers, owners and investors know that
investments they make today will be treated fairly in the future.

Principle 7: Stability in economic conditions allows owners, workers & investors to predict likely future profits.

Principle 8: When entrepreneurs start businesses they often need to borrow money (capital) and pay it back in small amounts over time.

Principle 9: Jobs are created when businesses grow or new businesses are created.

Principle 10: Ready access to capital is necessary for economic growth.

Principle 11: Competition forces businesses to be efficient so they can produce quality goods and services for a low price.

Principle 12: Supply and demand in the market place determines what goods/services are offered and what their price will be.

Principle 13: Each time value is added to a product/service it’s worth is increased and it’s price will go up.

Principle 14: Wars are costly and drain a society of its valuable human and material
resources.

Principle 15: Corruption in business and politics wastes money and produces unqualified leaders.