A
major event is fast approaching in your lifetime and you
decide it's time to purchase a sharp, new suit so that you
can look your finest for this monumental lifetime
occurrence. As you drive to your favorite retailer, you imagine the
perfect suit: one that’s durable, high quality and within your limited
budget. Upon your arrival at the store, you
realize that more options exist than you
ever imagined. A sales associate informs
you that suits are available in wool, linen,
polyester, micro fiber, tweed, worsted and
even Teflon! Now you must decide what cut you would like, not to
mention the color and style. You deliberate between two buttons,
three buttons or even four. The helpful associate mentions some of the
suits are imported from different manufacturers in Italy, France,
China, India and Japan while some are produced in the United States.
The suit price ranges from around $100 to well over $1000. With
careful consideration, you eventually pick out a suit that is both
aesthetically and financially pleasing. How was it that you managed to
get yourself the perfect suit at a price that felt just right?
Free Enterprise by Raja Tarabishy
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The answer is free enterprise. As consumers we reap the
benefits of the selection and competition brought about by this
system. Free enterprise is the opportunity to own economic resources
and use those tools to create goods and services for sale. In our free
market, distribution, production, pricing of goods and services are all
determined by us. Each person is empowered to choose a course of
action that they feel is in their best interest. Additionally, in this
system we’re guaranteed economic freedoms and the limited role of
our government.
Government has always played an extensive and enduring role in
the structuring of the business world. Several government programs
have been established in the name of the public interest. Goals of
correcting market imperfections and other perceived flaws in the
system have been a priority. Unfortunately, excessive government
control causes problems. As many would argue, spending someone
else’s money is never the same as spending
your own. In order for our free enterprise
system to thrive, the government must
maintain limited control.
The core of the free enterprise system consists of households,
businesses, markets and government. The households possess the
majority of free resources and determine how they should be used.
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Our resources include our time, which is sold as labor in exchange for
wages and salaries. When voting, we choose where we spend our
money, determining which goods and services we want businesses to
provide. For this reason, companies strive to produce the products that
society desires most at the lowest economic cost.
The open market is alluring to many who must first consider
financial and emotional risks of starting a business. Individuals enter
the market for with desires to be autonomous, employ personal
creativity and make profit. Ultimately, the only way the businesses can
survive is from consumers. Serving as innovators and organizers,
businesses find new and better ways to
gather resources. A mutually beneficial
relationship is formed between the business
and the consumer when both parties’ needs
are satisfied. For those who overcome obstacles and succeed the
outcome is exceptionally rewarding.
As seen in the example of suit shopping, free enterprise has led
to increased competition in the marketplace. The system ensures that
a wide variety of products, custom tailored to fit your own needs, will
always be available. You were able to purchase a quality suit, in the
style you wanted, at an affordable price because of global competition.
The benefits of free enterprise are not limited to our country or any
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other single country. A larger marketplace provides greater choice
along with greater competition. Whether two companies are in the
same state or separated across the world, global competition results in
greater efficiency and lower prices. In China,
for example, lower overseas production
costs have resulted in more affordable
products. In maintaining high business ethics
we must make certain that production and labor
standards meet those set by our own country. The
product of a functional free enterprise system will be worldwide financial success as both consumers and businesses engage in
advantageous exchanges.
The American public demands the finest product at the best
price. As a result, you and I will receive the benefits of this system
whether buying a new suit, automobile, or computer. The free
enterprise structure ensures the growth and stability of a free and
even greater America and world.
Raja Tarabishy
[email protected]
Cell: 860.377.3322
Winning Essay
Sales & Marketing Executives
International
Free Enterprise by Raja Tarabishy
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