Final answer:
In the private enterprise system, individuals have the right to buy or sell property, seek and change jobs, and engage in business activities without undue governmental interference, all of which support individuals' freedom and contribute to economic growth and a high quality of life.
Step-by-step explanation:
The basic rights guaranteed to the public in the private enterprise system are crucial to its function. Economic rights include the right of individuals to buy or sell property, use their private property without unreasonable government interference, seek and change employment freely, enter into contracts, and engage in entrepreneurial pursuits. These rights, along with the guaranteed freedoms such as freedom of speech, press, assembly, and demonstrations, contribute to the higher quality of life within a free enterprise economy, like that of the United States.
Individual freedom is a core benefit of the U.S. free enterprise system, allowing consumers and producers to operate in a market with a variety of goods, responsive prices, investment opportunities as well as the creation of wealth. The government also has a role to play by establishing ordinances and regulations that ensure a fair and efficient market. Key to economic growth is the adherence to the rule of law, protection of property and contractual rights which allows for effective and efficient markets.