What Is a Free Enterprise System?

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A free enterprise system is an economic system characterized by private ownership of property and productive resources. Find out how businesses are established and help grow the economy in a free enterprise system with information from a tutor in this free video on economics.

Part of the Video Series: Education: Economics & Grammar
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Video Transcript

Hi, my name is Samir Malik, and I'm a private tutor for middle school and high school students in the Austin area. Today, we're going to be discussing the free enterprise system and what it is. A free enterprise system is an economic system characterized by private ownership of property and also private ownership of productive resources. And these are the key factors which stimulates profit growth in an enterprise system. Examples of private ownership of property could include ownership of homes, ownership of condominiums or ownerships of hotels. Ownership of productive resources -- examples of this would be owning factories or owning stores or owning rental properties. These are the motives which help the community grow and as...and businesses establish and grow their profits. This is the definition of free enterprise system, and some examples of a free enterprise system.

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