1. Advantages of the Free Enterprise System
Unit 3.1

2. 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

3. 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

4. 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