American Enterprise Day

American Enterprise Day
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FEATURES OF FREE ENTERPRISE

Owning private property is one of the most basic freedoms of the free enterprise system.
Individuals and businesses in the United States (US) are free to enter into contracts. Whether written or oral, contracts are legally binding agreements to buy and sell goods.
Individuals in the US are free to make personal choices and communicate those choices through the price system. As shoppers, consumers cast "dollar votes" which help producers determine what products to buy.
Individuals in the us are free to engage in free enterprise and competition. That is, they are free to choose where they will work, to open their own business, if they so desire, and to choose the type and quantity of goods or services they will produce.
According to famous economist, Adam Smith, self-interest is the force that directs the actions of individuals and businesses. In the US, individuals are free to look after their own self-interest.
The American economic system is relatively free from government interference.

GOALS OF FREE ENTERPRISE

A major goal of the American economic system is to maintain economic freedom.
Another goal of the free enterprise system is efficiency--to make the best use of scarce resources.
A sense of justice for all is part of America's heritage, and in economic terms this goal is known as economic equity. Government tries to ensure that all people share in the benefits of the free enterprise system.
To operate smoothly, the goal of economic stability must be set to maintain employment and stable prices.
Economic security is another goal the government works toward. Individuals can help protect themselves against the unexpected by buying insurance.
The last aim of the free enterprise system is economic growth; that is, to increase the amount of goods and services that each worker in the economy can produce.