Characteristics of Free Enterprise
Economic Freedom- freedom to choose your employer, occupation, job location and what you want to buy.
Voluntary Exchange- act of buyers and sellers freely and willingly engaging in market transactions; characteristics of capitalism and free enterprise.
Private Property- fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish; includes both tangible and intangible property.
Profit Motive- driving force that encourages people and organizations to improve their material well-being; characteristic of capitalism and free enterprise
Competition-the struggle among sellers to attract consumers