How did the principles of the free enterprise system, laissez faire, and profit motive encourage the rise of industry?

Question

heyjonathan · Answer

Let's take a quick look at what the three factors you have listed mean;

Free Enterprise System - A type of economy where products, prices, and services are determined by the market, not the government. 

Laissez-faire - An economic policy in which transactions between private parties are free from government interference such as regulations, privileges, and tariffs.

Profit motives - The desire for profit that motivates one to engage in business ventures and further actions.

All three principles within greatly encouraged the rise by allowing more people to specialize and industrialize their business efforts. Without a tight government restriction on trade or taxes on goods, people were free to buy and sell products to there desire. This resulted in a boost in the overall economy. Not only was it was easier for businesses to sell. but far more convenient for buyers - as the choices in terms of basic and luxury products was expanded.