The paper "Labour Industry" is a perfect example of a report on macro and microeconomics. Free enterprise is any business undertaking controlled by both supply and demand laws, and not stifled by the regulations, interference from the government, or subsidies. It comes about as a result of a free-market economy, where the market force is determined by production as well as pricing. This is characterized by free-market regulations rather than government regulations. In a free economy, the industries are privately owned and not government-owned while the policies of the free-market are promoted and enhanced by free trade rather than the government’ s protectionism. The transition from a closed to a free economy is always not easy, with the countries having a poor economy finding it even harder.
However, the reality is that free trade happens only in theory but not practical because the government expects some revenues. Complete freedom of access to markets doesn’ t exist all over the world. reignforcing fiscal as well as monetary policies are some of the ways different nations use to improve their economies. America’ s greatness can be attributed to the strong entrepreneurial spirit, but which currently is getting stifled by regulations, heavy taxes and government requirements, over-criminalization, poor immigration system and also failing public education.
There are many areas of the economy that could perform magnificently in case they are left to the free enterprise system, as can be seen in the case of the labor industry (Richard 67-9). Labor industry This is one of the most is-run industries as well as the most important industry in the American economy, entitled with the responsibilities of coordinating the production activities; labor could take the forms of skilled, semi-skilled, or unskilled.
It could be considered a taboo to ignore the fundamentals behind their operations as they are the basis of every success in an economy. The American law has in place certain restrictions governing labor provision. Most of the labor laws are in place due to considerations for age, health factors, environmental factors, as well as human rights.
Blank, R. Social Protection Versus Economic Flexibility: Is There a Trade-Off? Chicago: University of Chicago Press, 1994.
Arbor, Ann. Why Individuals Pay Taxes: Tax observance and Enforcement, University of Michigan Press 1992.
Stewart, Andrew. Labor Law, 4th edition, Sydney, The Federation Press, 2005.
Richard, A. Forbidden Grounds: The Case against Employment Discrimination Laws. Cambridge, Mass.: Harvard University Press, 1992.