Through economic freedom, we have not only the choice to spend our money how we choose, but how we earn our money and where we earn it. We can choose to be a construction worker or a real estate agent.
With Voluntary Exchange, you as the consumer are giving up money to acquire a product you believe is more valuable than money. the seller is giving up that product because they believe that money has a higher value.
Private Property Rights
Private Property Rights allow people to do as they please with their possessions. Private Property also gives people the incentive to want to work and save so they purchase the products.
Profit is always on the minds of business owners, so with a Profit Motive encourages people to improve their materials. This a big part in the growth of a free enterprise system.
Competition is what drives the economy up. If there were no competition, we would not be making new breakthroughs in technology, we would be a stagnant economy.
This video explains the different types of one of the key actors in free enterprise.