Characteristics of Free Enterprise By: Shirley Cooper Economic Freedom The freedom to buy, sell, and purchase what you want, as well as to work where you want. The photo above shows a woman who has chose to work at a fruit stand and also what to sell. While another woman is choosing to spend her money purchasing the fruit that she wants. Voluntary Exchange The choice buyers an sellers have to engage freely and willingly in market transactions. This photo show two men voluntarily exchanging farm labor for repair labor. Voluntary exchange can involve money but doesn't necessarily have to. Private Property Gives people the right to own and control their possessions as they wish to. We own our home therefore, we have the right to remodel the front room. Profit Motive An incentive that encourages people and organizations to improve their material well-being. People are free to play the lottery and if they win then they make money and if they loose, they loose the money they spent on the lottery ticket. Competition The struggle among sellers to attract consumers. Different brands and companies compete to make their product better than another companies product to try to sell more of there product. What does it mean to be an entrepreneur?