American Economic Free Enterprise
1. Economic Freedom
Economic Freedom is displayed in this symbol of an American flag, representing freedom, and the $100 bill representing the economy.
Voluntary Exchange is the idea that buyers and sellers freely and willingly engage in market transactions, normally both buyer and seller are better off after than before. Shown above both have something the other wants so if they engage in voluntary exchange they will be have a positive result.
In economics Private Property means that resources are owned by individuals and businesses rather than the government. "No Trespassing"
Profit Motive is the goal of a business to gain money/profits after all of their spending and to gradually make more and more money.
Competition is the rivalry of different businesses due to the incentive of gaining profits. If you look at the image above of two different business owners playing tug of war over the profits you may understand the concept more clearly.
The video above does a great job of simply explaining entrepreneurship and the role it plays in the world today.