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Explain the components of the free-enterprise system.

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Most free enterprise systems consist of four components: households, businesses, markets and governments. In a free enterprise system, households — not the government — own most of the country's economic resources and decide how to use them. Businesses organize economic resources to create a good or service.

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Answer:

Free enterprise is an economic system that provides individuals the opportunity to make their own economic decisions, free of government constraints, and as private profit-potential businesses.

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