abso Chapter 3 Test, Form A cont. The American Free Enterprise System enterprise system. 23. Take a moment to study the diagram below detailing five characteristics of the American free Voluntary exchange Buyers and sellers may engage freely and willingly in market transactions. Economic freedom Competition People may Producers and choose their jobs, employers, sellers compete with one and how to spend their money. another to attract consumers, Businesses may choose what while lowering costs. Consumers products to sell and how much to charge for them. Free Enterprise Capitalism compete with one another to obtain the best products at the lowest prices. Private Profit motive property People and rights People may organizations may improve control their possessions their material well-being $ as they wish. by making money. Imagine a scenario in which you are a budding entrepreneur wanting to start your own business. How would each of the characteristics described in the diagram apply to your business