How did the principles of the free enterprise system, laissez-faire, and profit motive encourage the rise of industry?

1 answer:

7 0

Laissez-faire or free enterprise system is the principle wherein the government has little or minimal interference in the nation's economy.

This principle allowed more people to open, specialize, and industrialize their business efforts. This practice boosted the economy making more profit not only for the business people but for the nation as a whole.

It also benefited consumers because they were able to have more choices in terms of basic and luxury products.

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