Free Enterprise

Found on Investopedia.com: 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. Alternatively, free enterprise could refer to an ideological or legal system whereby commercial activities are primarily regulated through private measures.

Anyone who has purchased anything from a grocery store, big box store, or even online has participated in free enterprise. This principle is one of the main reasons why businesses are continually creating better products while competing with each other for your business. When businesses compete with each other, you win! When working on the Personal Management Merit Badge you will be selecting an item to purchase and comparing the prices between multiple businesses.

On the flip side, in the Free Enterprise you have the freedoms to open any business that you feel passionate about. You can open a comic book store, coffee house, quilting barn, or food truck. The possibilities are endless!