Private enterprise is based on the idea that everyone is better served when individuals are free to set their own economic goals and make personal economic choices. This freedom motivates people to work harder to achieve their goals, leading to increased production that benefits both the individuals and the economic system as a whole. The principle holds that economic resources are more efficiently and effectively used when controlled by individuals rather than the government, and competition among businesses drives innovation and quality in goods and services. This system emphasizes freedom to own property, compete, and pursue entrepreneurial opportunities, which collectively serve the public interest by fostering prosperity and economic growth.
