Instant Access To 100,000+ Essays!

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. Econom