Free Enterprise Economy
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Reasons for Development
•British values •Reaction against mercantilism •Positive factors: abundance of land, labor, capital, entrepreneurship, protective tariffs
Benefits
•Economic Freedom •Flexibility (to react to changing conditions) •Variety •Efficiency
Free Enterprise
•Economic system in which private businesses are able to compete with each other with little or no government control. •Laissez Faire- french term meaning let it be. This refers to the "hands off" approach of government in a free enterprise economy
Characteristics
•Participants •Producers •Consumers •Choice •Job or Profession •Consumers choice of goods and services •Private Ownership •Limited Government Involvement •Fair Competition