Which of the following correctly explains a concept that is an important part of a private enterprise system of economics in the U.S.? (1 point)

Question

Allowing the ownership of private property provides an incentive for people to work hard and be successful economically.
Allowing consumers to force businesses to provide certain products helps make sure that people have the products they need.
Allowing government control of economic decision-making ensures that the economy will be fair to all people.
Allowing businesses to ignore minimum wage laws helps promote businesses by lowering their cost of production.

Answer 1

The statement that correctly explains a concept that is an important part of a private enterprise system of economics in the U.S. is:

Allowing the ownership of private property provides an incentive for people to work hard and be successful economically.

This concept emphasizes the importance of private property rights in encouraging individuals and businesses to invest, innovate, and strive for economic success.