free enterprise
Free enterprise is a type of economy where products, prices, and services are determined by the market, not the government. It’s capitalism, not communism.
Things that are free are unconstrained, and a business is an enterprise. So, free enterprise refers to an economy where businesses are free from government control. In a free enterprise, prices go up and down because of supply and demand. If there's high demand, prices go up. If there's low demand, prices go down. Free enterprise is when private companies compete for profit without government interference.
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an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
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synonyms:
free market, laissez-faire economy, market economy, private enterprise
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Antonyms:
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non-market economy
an economy that is not a market economy
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types:
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capitalism, capitalist economy
an economic system based on private ownership of capital
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venture capitalism
capitalism that invests in innovative enterprises (especially high technology) where the potential profits are large
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type of:
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economic system, economy
the system of production and distribution and consumption
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non-market economy
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Vocabulary lists containing free enterprise
After his grandmother buys him a lawnmower for his birthday, a 12-year-old boy turns his mowing earnings into a corporate empire and sponsorship of a heavyweight boxer named Joey Pow.
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