A system where resources are privately owned and decisions about production and distribution are made by voluntary

exchange in the marketplace.

CharacteristicsPrivate Enterprise:

The right to choose whether to own a business, what business to enter and what to produce with only limited government direction

Private Property:

The right to own, use or dispose of things of value AND to own, use or sell and product that you create

CharacteristicsProfit:

The reason why people enter business; the money left over after subtracting all the costs of operating a business

Competition

A rivalry between two or more businesses to sell their goods and services to buyers

CharacteristicsFreedom of Choice

In the U.S. people have the right to choose:+ their own career+ what products to buy and where to buy them from+ whether or not to organize with other workers to

improve working conditions+ where and when to travel+ whether or not to express their opinion