Advantages of the Free Enterprise System

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3-1: Advantages of free enterprise

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Presentation transcript:

Advantages of the Free Enterprise System Unit 3.1

What is a Free Enterprise System? Free Enterprise is roughly synonymous with Capitalism Producers are free to produce what consumers want and are motivated by profit Individual choices are the basis of a free market

How A Free Enterprise System Works Open Opportunity: The freedom to exchange property voluntarily Legal Equality: All parties are subject to the same laws and have the same rights Free Contract: All are free to enter into contracts Profit Motive: Encourages people to start businesses

Milton Freidman: Free Market Pope Chicago School of Economics The Economist that nearly destroyed the world The Chicago Boys Worked with Nixon, Reagan, and Thatcher