Free Enterprise System
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voluntary exchange
the act of buyers and sellers freely and willingly engaging in market transactions
free enterprise system
An economic system in which individuals depend on supply and demand and the profit margin to determine what to produce, how to produce, how much to produce, and for whom to produce. The quest for improvement financially and materially motivates consumers and producers.
private property
Property owned by individuals and bussinesses, rather than by the government
economic freedom
The freedom to own property, to make a profit, and to make choices about what to produce, buy, and sell
profit motive
The reason most businesses exist, to earn a profit.