Characteristics of Free Enterprise
Economic freedom gives people the choice to buy what they want, which is shown in the picture above. It also gives employees the opportunity to choose their occupation, as well as their employer.
Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions. In the picture above, if they would exchange what each of them has, their products would become more valuable.
Private property rights allow people to own and control their possessions as they wish. This gives people the incentive to work, save, and invest. This picture shows the use of private property rights by using a sign to ensure that people stay off of the land.
Profit motive is the incentive that encourages people and organizations to improve their well being. It is largely responsible for the growth of a free enterprise system.
Competition is the struggle among sellers to attract consumers. This picture represents the "race" against other businesses to attract the consumers. Competition is possible because entrepreneurs have the freedom to produce what they think will be most profitable.
Actor of Free Enterprise: Entrepreneur
This video shows the impact that entrepreneurs have had on our country in the past and how they play a big role in a free enterprise economy today. It also shows the impact that it can continue to have in the future.