Difference between revisions of "Free enterprise system"
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An economic system characterized by private ownership of property and productive resources, the profit motive to stimulate production, competition to ensure efficiency, and the forces of supply and demand to direct the production and distribution of goods and services. | An economic system characterized by private ownership of property and productive resources, the profit motive to stimulate production, competition to ensure efficiency, and the forces of supply and demand to direct the production and distribution of goods and services. | ||
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| + | ==Sources== | ||
| + | http://usinfo.state.gov/products/pubs/oecon/chap12.htm | ||
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| + | [[Category:Economics]] | ||
Revision as of 03:13, July 1, 2007
An economic system characterized by private ownership of property and productive resources, the profit motive to stimulate production, competition to ensure efficiency, and the forces of supply and demand to direct the production and distribution of goods and services.