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Characteristics of Free Enterprise

By definition, a free enterprise economy (also known as: capitalism or a free market economy) is an economic system controlled chiefly by the individuals and private companies instead of the government. Characteristics of a free-enterprise system include economic freedom, voluntary exchange, private property, and the freedom of profit motive. Capitalist societies generally achieve a higher standard of living because of the incentive to work: capitalism prefers harder and more efficient workers.

Economic freedom is a principal of a free market economy, which allows people to decide how they will earn and spend their income. Econom



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, economic freedom, market economy, free market economy, profit motive, free market, voluntary exchange, private property, freedom voluntary exchange, exchange private property, voluntary exchange private, exchange private, buyers sellers, economic freedom voluntary, freedom voluntary, free enterprise,
Approximate Word count = 428
Approximate Pages = 2 (250 words per page double spaced)


  

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