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.