Objective 3: Choice

Maintaining freedom of choice in the marketplace is the basis of the free-enterprise system. Government plays a limited but important role in the protection of individual economic freedoms.

Individuals have the right to the basic economic freedoms enjoyed in a free market society.The government is responsible for protecting these freedoms.

What are some economic freedoms?

Economic freedoms of individuals can include:

Ability to earn money
Right to purchase property
Right to spend incomes on goods and services
Right to choose occupations or change jobs
Right to make choices about where and how much to save
Right to start new businesses and decide what to produce

What is the government's role in protecting these freedoms?

The government has created certain institutions and consumer-protection laws and agencies to protect these freedoms, including the following:

Consumer Product Safety Commission
Fair Labor Standards Act
Occupational Safety and Health Administration (OSHA)
Food and Drug Administration (FDA)

Comparing Economic Freedom

Not all countries have the same level of economic freedom. In fact, for the last twenty years the Heritage Foundation and the Wall Street Journal have been rating the countries of the world in terms of economic freedom. Let's take a look at this rating.

Read the Introduction and FAQs (especially Q.1, Q.2, and Q.3) on the About the Index page, then take a look at the map. Finally answer the questions below.

Direct Link: https://www.heritage.org/index/about

Direct Link: https://www.heritage.org/index/heatmap

Note: You may find it interesting to use the Create a Comparison Chart feature to compare two countries that catch your interest.

Economics