Free Enterprise Economy
This picture contains some major characteristics of Economic Freedom like markets, businesses, quality and prosperity.
2. Voluntary Exchange
This picture shows an individual and a business representative doing a trade. Through voluntary exchange individuals can choose what, where and from who to buy products from.
3. Private Property
This picture represents how an individual can do almost whatever they like on their owned land but government regulations still apply. Government has almost no say about what is being done on the privately owned land.
4. Profit Motive
Here you can see every businesses desire to make profit. Businesses are only open to make profit and the goal of a business is to make as much profit as possible.
Competition is necessary to ensure maximum consumer satisfaction and efficient use of resources to minimize business expenses and make as much profit as the market allows. Just like in sports there are winners in business world and losers.