The five basic concepts of democracy are:
- Fundamental worth of every person. everyone is worthy of being part of our democracy.
- Equality of all persons. everyone has equal opportunity and legal equality, regardless of gender, religion, or race.
- Majority rule and Minority rights. ...
- The necessity of compromise. ...
- Individual Freedom.
What is Democracy?
This refers to the system of government that is for the people and the people elect their representatives.
Hence, we can see the four factors underlying the free enterprise system are:
- profit,
- risk,
- competition,
- productivity
Hence, the law of supply and demand works in such a way that if the supply increases and demand stays the same, the price will go down
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