It was Called the frontier because some or most of the areas in America that where settled by ranchers hadn't been explored or discovered yet.
The answer is in the Palace of Versailles, France, on June 28, 1919
Pros:
- freedom to choose your profession/work.
- competition between businesses (production of better products).
- work for your own benefit.
- we the people own the factors of production (land,labor, capital, entrepreneurship).
-financial growth.
-promotions.
cons:
-income inequality.
-unequal access to resources.
-no regulation for product safety.
