7 characteristics of free enterprise
voluntary exchange
the act of buyers and sellers freely and willingly engaging in market transactions
Private property rights
the concept that people have the right and privilege to control their possessions as they wish
Profit motive
the force that encourages people and organizations to improve their material well-being
competition
the struggle among producers for the dollars of consumers
equal opportunity
The condition in which people, although not guaranteed equal rewards, expect to have comparable chances to compete for those rewards
Economic Freedom
The freedom to own property, to make a profit, and to make choices about what to produce, buy, and sell
Limited Government
The idea that certain restrictions should be placed on government to protect the natural rights of citizens.