Question

The freedom to engage in business for a profit is known as ________.

Answer 1

Freedom to engage in business for a profit is known as Free Enterprise system.

Step-by-step explanation:

• In the US Free Enterprise System, there is freedom to choose our own businesses, property, manage profits, consumer sovereignty, competition with others.

• It involves the exchange of goods, wealth and services. This refers to kind of economies where there is no control of the government.

• American democracy has ideals of equality, liberty, and self-government.

• Such economic freedom is very important as it improves productivity and it allows us to pursue our self-interests that improves standards of living.

Answer 2

Free Enterprise System

The US economic system of free enterprise has five main principles: freedom to choose businesses, right to private property, the profit motive, competition and consumer sovereignty. It is more commonly referred to as the free market or capitalism.