GENERAL KNOWLEDGE

Detailed explanation-1: -Free enterprise, or the free market, refers to an economy where the market determines prices, products, and services rather than the government. Businesses and services are free of government control.

Detailed explanation-2: -A free enterprise system is an economic system where a government places very few restrictions on the types of business activities or ownership in which citizens participate. This type of system is often referred to by others as a free market, or capitalism.

Detailed explanation-3: -A capitalist economy is a type of free market economy; the profit motive drives all commerce and forces businesses to operate as efficiently as possible to avoid losing market share to competitors.

Detailed explanation-4: -A competitive market provides alternatives to consumers rather than many copies of the same product. Businesses compete against each other to offer products and services consumers want in a free enterprise system, rather than the government dictating what can and cannot be sold.