What is a description of the free enterprise system?

Answer 1

A free enterprise system is when individuals and businesses are free to make their own economic choices; when more than one company can sell the same product/service and still survive in the market. This gives the consumer choice and option. They can shop around for the best price on an item/service they want.

Answer 2

The free enterprise system is built on the idea that individual people have the right to run businesses to make a profit with limited government interference and regulation.

The above is only partly true. The essence of the free enterprise system is a competitive market which anyone can enter. Government interference and regulation can protect free enterprise, e.g. American "anti-trust" legislation which was designed to prevent the market from being monopolized by giant corporations who keep on merging to prevent any attempts at competition. In the US, a lack of control on such giant corporations and a failure to tax them, has enabled them to monopolize many markets and prevent individual people from running their own businesses profitably, thus seriously damaging the free market system.

Answer 3

A system where the goverment does not interfere adveslly on the running of bussinesss

Answer 4

Free enterprise is an economic system that provides individuals the opportunity to make their own economic decisions, free of government constraintsa nicee civic love

Answer 5

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Business governed by the laws of supply and demand, not restrained by government interference, regulation or subsidy. also called free market.