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Word Count: 423
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 Economic freedom also yields to companies so they may choose which goods and services to produce and how much to charge for them based on the wants or demands of the people This regulates the amount and kind of products produced to accommodate the population A voluntary exchange allows buyers and sellers to engage freely and willingly in the market economy Through this engagement both the buyer and the seller are free to trade with one another and make economical or material gains off the trade This gives both what they want without the need of government regulation of how much they can trade and at what costs The meaning of private property is those within a capitalist society have the right to buy and sell what they own or produce through market applications The government has no control on what one buys and sells and workers can work for whomever they wish with no restrictions For example homeowners can sell their homes as and when they please and disagree This is the basic ideal in a capitalist society people may control their possessions as they wish Profit motive can be described as people and factors of productions improve their well being by making money as they see fit Competition between producers is permitted and this leads to better quality products In a
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