What is Free Enterprise? Make economic choices to satisfy needs and wants Not restricted by government subsidies or regulations Business operates under the laws of supply and demand
Who started American Enterprise Day and Why? Former President Jimmy Carter Declared “American free enterprise system, the cornerstone of our Nation’s economy” “It provides us with one of the highest standards of living in the world, and guarantees freedom of choice in a way that sets us apart among nations.
Howdoes it work? Free to start business that provides usefulness to consumers Operate businesses in exchange for pay Consumers decide what they want to buy Look for goods/services to fulfill wants for best possible value
What are the freedoms we experience because of it? • Right to Private Property • Ability to own land, thoughts, and material items • Open Opportunity • Anyone can take part in market • Creates wide range of goods/services to choose from • Legal Equality • Everyone is protected by same economic rights • Everyone has right to succeed or fail • Free contract • Choose which agreements to enter into • Profit motive • Encourages improvement of wealth through economic activity
How do I benefit from Free Enterprise right now? • Military protections • Benefit of taxes • Schools • Public transportation • Welfare/Social Security/Grants, Financial Assistance • Fireworks displays • Energy • Electricity • Heat • Food
What are the principles behind Free Enterprise? Right to choose regardless of rank, education, position Creative energy and excellence more efficiently exercised by free people rather than coerced people Right to bear fruits of labor, right to property Value is determined by what others are willing to give in exchange, not by authority Supply of resources is only limited by our imaginations Ability to vote to make change
“A wise and frugal government, which shall restrain men from injuring one another, which shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government.” Thomas Jefferson, First Inaugural Address, March 4, 1801