Characteristics of Free Enterprise
By Astrid Lorenzen
The freedom to make your own economic decisions
This picture shows the freedom for everyone to choose their own occupation and job location. They also have the freedom to move on to another job that offers them a greater opportunity if they want to.
Buyers and sellers willingly engaging in market transactions.
This shows how a person buys a product that the other person sells. The buyer spends her money because she believes that the product is worth her money. The seller is willing to give the product in exchange for money
Private Property Rights
For someone to to own and control their possessions as they wish
This person has the right to use his yellow paint to paint his wall.
Motive for someone to improve their material well-being to earn rewards for their efforts
The goal of a business is to make money to pursue what is in their own interests. They wish to create a greater company to achieve higer profit
The struggle among sellers to attract consumers
Competition is possible because businesses have the freedom to produce the products they want to produce, in the way they want, to make it desirable for consumers.