What are four features of the free enterprise system?
I'll top that and give you six.
1. Owning private property is one of the most basic features of the free enterprise system.
2. 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.
3. 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.
4. 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.
5. 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.
6. The American economic system is relatively free from government interference.
Hope this helps. ----Shawn
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