Writing: Write the summary to the given text A Private enterprise economy
The United States has a private enterprise economy. We also call It a free enterprise system, or simple capitalism. Individuals - not the government - are primarily responsible for running it. And it's an enterprise or undertaking. So a private enterprise economic system is a kind of "people-run" undertaking a people-run economy. Most goods and services are produced by business firms. People own those business firms, as well as land, houses, and all kinds of property. We regard it as a right to have private ownership and to run our own businesses. .
Free enterprise is another term used to describe this economic system. You are free to buy-whatever you want as long as you have the money to pay for it, it is legal, and it is available! You are free to work where you want, or to start your own business. If you do start a business, you are free to produce any legal goods and services. There is a need for a great deal of capital, the money or other material wealth needed to run businesses.
Private enterprise, free enterprise, and capitalism all describe the economic system. Some other features of the private enterprise system include an emphasis on consumer goods, freedom of choice, high productivity, the profit motive, and competition. Consumer goods - the products that all of us want or need. Natural resource will not last forever. Many of them can not be renewed, can not be re-created. We have to plan, we have to conserve, and we have to use natural recourses carefully. Using capital goods makes it possible for businesses to make the products we want much faster and more efficiently. It is a system in which there is much freedom for the consumer to choose goods and services and much freedom for the worker to start and run businesses. Anyone can start a business. There is no guarantee that the business will be a success, but the opportunity to start one is provided. We have the freedom of choice to produce almost anything we like. There are a few exceptions to that freedom, of course. None of us can freely buy anything that is not legal. Basically, though, we have the freedom of choice to produce, buy, and sell what we like. People are the most important resource in our private enterprise system. Natural resources and machinery are important, but they cannot meet our needs if we do not have people, too. Because of their skill and technology, our workers produce more in less time. The rate at which goods and services are produced is called productivity. If a business produces goods and services, it expects to be paid for them. Profit is the amount of money left over after a business has paid for the cost of producing its goods or services. The profit motive is the intention to still have something left after paying the costs of making a product. Profit is the reason a person takes the risk of starting a business. It is the reward for taking that risk. The concept of profit is an energizing force in our economy. It encourages people to develop new products and services in the hope of making a profit. The contest to win customers, competition, is another feature of economic system. Competition is one of the important features of the free enterprise system. Because of competition, businesses are forced to be efficient and to keep their prices low. Competition certainly helps the consumer. If consumers have choices about where to buy, they often choose the firm with the lowest prices for the highest quality of goods and services.