ipl-logo

What Does Free Enterprise Economy Mean

310 Words2 Pages
The Canadian economy is often characterized as a free-enterprise economy. What does this mean? Free enterprise economy also known as a free market economy is an economic system controlled mainly by the individuals and private companies or corporations instead of the government. Free-enterprise economic system implies: economic freedom, opportunity to have private property,ability to make financial decisions.Economic freedom is one of the basis of a free-enterprise economy, which allows people to decide how to spend their income and where to save their savings.Free economy lets companies and manufactories to decide on there own which goods and services to produce, in what quantity and how much to charge for them based on demands. The government
Open Document