Final answer:
The economic concept that best completes the list provided by the student is (b) Capitalism. Capitalism embodies entrepreneurship, competition, private property, profit motive, and consumer choice, facilitating a dynamic economy where supply and demand help determine prices.
Step-by-step explanation:
The economic concept that best completes the illustration listing Entrepreneurship Competition, Private Property, Profit Motive, and Consumer Choice is (b) Capitalism. Capitalism, also known as a free market or free enterprise system, is characterized by private ownership of businesses operated for profit with economic freedom for both consumers and producers. In capitalism, the forces of supply and demand help to determine prices and allocate resources efficiently. Key characteristics of capitalism include economic freedom, competition, voluntary exchange, private property rights, and the profit motive. These elements encourage investment opportunities, responsive pricing, and the creation of wealth.
Competition among sellers in a capitalist system keeps prices low for consumers, and consumers wield power by dictating demand and choosing where to spend their money. Furthermore, the right to own private property allows individuals to control their possessions and investments, promoting economic growth and efficiency. The profit motive also drives entrepreneurs to innovate and improve, contributing to a dynamic and prosperous economy.