Have you ever made the choice between Burger King or McDonalds? Have you ever gone to Sentry instead of Pick 'n Save? When you make these choices you are making an economic choice. In a free enterprise economy you can make these choices without control of the government. For example, if you wanted to start your own gift shop you would not have to get permission from the government. Capitalism or the free market are other names for free enterprise economies. Some countries that have free enterprise economies are the United States, Germany, and England.  
           
Yet another name for the free enterprise economy is laissez faire. This is an economic theory that says that the government should not control people's economic choices. Adam Smith led a group of thinkers that discovered laissez faire. These people discovered laissez fair between the 1770's and the 1840's. Some other names for laissez faire are capitalism, free enterprise, and free market. Some of these economic choices set prices and wages.

There were some very important times in history for free enterprise economy in the United States. One of these was the Industrial Revolution. This event happened in the United States in the 1800's after the Civil War. At this time lots of new businesses opened. Some of these businesses are the steel and oil industries. Factories replaced the craft shops. Some of the tools that people would have used before this important time, like picks and shovels, were replaced by machines. This was an important time for the economy in the United States because a lot of businesses were opening, giving the economy an extra boost. 

Have you ever made a choice between going to Target or Wal-Mart? In the world today, a lot of countries are trying to create a free enterprise economy so people can make those choices without control of the government. One example of a country moving towards a free enterprise economy is China. 

Citations

Books and Electronic Media

Aaron, Henry J. , "Economics" World Book Online Reference Center, 
http://www.worldbookonline.com/ar?/na/ar/co/ar173340.htm, 
(December, 2003).

Haram,Terence. The Economy. Philadelphia: Chelsea House Publishers, 2002. 

Hunter, William D. G., "Laissez faire" 
World Book Online Reference Center 
http://www.worldbookonline.com/ar?/na/ar/co/ar308540.htm, 
(December, 2003).

Images

Images of cash register and Civil War cannon from "Microsoft Office Online" 
<http://office.microsoft.com/clipart/default.aspx?cag=1>
(December,2003).

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