The freedom to engage in business for a profit is known as

Free Enterprise System

The US economic system of free enterprise has five main principles: freedom to choose businesses, right to private property, the profit motive, competition and consumer sovereignty. It is more commonly referred to as the free market or capitalism.

Freedom to engage in business for a profit is known as Free Enterprise system.

Explanation:

In the US Free Enterprise System, there is freedom to choose our own businesses, property, manage profits, consumer sovereignty, competition with others. It involves the exchange of goods, wealth and services. This refers to kind of economies where there is no control of the government. American democracy has ideals of equality, liberty, and self-government. Such economic freedom is very important as it improves productivity and it allows us to pursue our self-interests that improves standards of living.

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