Difference between revisions of "Free enterprise system"
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| − | A '''free enterprise system''' is an [[economic]] system characterized by private ownership of property and productive resources, the profit motive to stimulate production, competition to ensure efficiency, and the forces of [[supply | + | A '''free enterprise system''' is an [[economic]] system characterized by private ownership of property and productive resources, the [[profit]] motive to stimulate production, competition to ensure efficiency, and the forces of [[supply and demand]] to direct the production and distribution of [[goods]] and services. |
==See also== | ==See also== | ||
Latest revision as of 15:54, September 2, 2026
A free enterprise system is an economic system characterized by private ownership of property and productive resources, the profit motive to stimulate production, competition to ensure efficiency, and the forces of supply and demand to direct the production and distribution of goods and services.