Answer:
IS FREE ENTERPRISE SYSTEM NECESSARY?
What is a free enterprise system?
This is a system that allows individuals to self-regulate their business and make business decisions with little or no government restriction or intervention. This system is pro-Capitalist.
This system helps promote and encourage healthy competition because one business owner is trying to outdo the other business owner by offering to sell at a cheaper rate or giving discounts for a limited time period to maximize profit.
However, while this sounds good, it has some disadvantages because, in the spirit of competition and pursuit of profit, business owners get tempted to cut corners and even do some unethical or even downright illegal things to make a profit since they are unregulated by the government. A business owner might decide to ignore safety checks for his workers in order to save that cost which could be catastrophic.
Another potential downside of a free enterprise system is the danger of business owners raising prices of goods or services when demand exceeds supply which in turn causes inflation.
In conclusion, while a free enterprise system gives room for competition, I feel it is not absolutely necessary for an individual to make an impact in the business world unless such a man is an honest person who would not change his principles to make a few extra money.
