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In the U.S. economic system, consumers, producers and the government make decisions on a daily basis, mainly through the price system. ... In this system, when economic forces are unfettered, supply and demand establish the prices of goods and services. Entrepreneurs are free to develop their businesses.
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Born in Wesel circa 1580, Peter Minuit joined the Dutch West Indian Company in the 1620s. Named director of the New Netherland colony in 1626, he is said to have negotiated a deal for the island of Manhattan with a Native American tribe and helped develop a profitable fur trade in the region.