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Capitalism Vs Free Enterprise System

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Capitalism Vs Free Enterprise System
Capitalism or a free enterprise system is an economic system based on the concept of private property, the right of ownership and use of wealth in order to earn income. From private property comes the institution of private enterprise or production by privately owned businesses. Firms are free to hire, produce and price as they see fit. Furthermore, there is a private initiative to carry on production based on profit motive. There is perfect freedom of choice, enterprise and contract. A free enterprise system is, thus, characterized by the very large number of decisions reached independently by the producers and consumers. Government activity is limited to a few spheres, such as national defense and police protection, but in matters of production
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