Free Enterprise

1. Free Enterprise A system where resources are privately owned and decisions about production and distribution are made by voluntary exchange in the marketplace. Profit Private enterprise Freedom Private property Competition

2. Characteristics • Private Enterprise: The right to choose whether to own a business, what business to enter and what to produce with only limited government direction • Private Property: The right to own, use or dispose of things of value AND to own, use or sell and product that you create

3. Characteristics • Profit: The reason why people enter business; the money left over after subtracting all the costs of operating a business • Competition A rivalry between two or more businesses to sell their goods and services to buyers

4. Characteristics • Freedom of Choice In the U.S. people have the right to choose: + their own career + what products to buy and where to buy them from + whether or not to organize with other workers to improve working conditions + where and when to travel + whether or not to express their opinion