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 …showed first 75 words of 423 total…

…showed last 75 words of 423 total…remain employed t for it raises standards and the level of production. A free enterprise economy is based on the ideals that private citizens own business and production. Its characteristics (economic freedom, voluntary exchange, private property, and profit motive) a allow society to be free in all its economic0 deals, including property and making money. The government is not a factor in capitalism, it is solely done by the interest of the buyers and sellers.