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Free Enterprise System

The US economic system of free enterprise has five main principles: freedom to choose businesses, right to private property, the profit motive, competition and consumer sovereignty. It is more commonly referred to as the free market or capitalism.

Answer:

Freedom to engage in business for a profit is known as Free Enterprise system.

Explanation:

  • In the US Free Enterprise System, there is freedom to choose our own businesses, property, manage profits, consumer sovereignty, competition with others.
  • It involves the exchange of goods, wealth and services. This refers to kind of economies where there is no control of the government.
  • American democracy has ideals of equality, liberty, and self-government.
  • Such economic freedom is very important as it improves productivity and it allows us to pursue our self-interests that improves standards of living.

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